In this video we discuss an annuity plan from LIC. LIC IPO is expected in March 2022. We have discussed the LIC Saral Pension Plan which is a non-linked, non-participating, single premium, individual immediate annuity plan. The table no. for this plan is 862.
The minimum age for purchase of LIC Saral Pension Plan is 40 years and the maximum age is 80 years. This plan is available for a single annuitant or for joint annuitant in the case of spouse. The annuitant will receive a regular income from LIC as long as he is alive. In case of death of the annuitant, the purchase price is returned to the nominee.
The return from LIC Saral Pension Plan is very low at just over 5%. There are better options for a regular income such as SWP from Mutual Funds.