LIC LIC's Saral Pension (Plan No. 862): Full Guide, Eligibility & Premium

LIC's Saral Pension belongs to LIC's pension plans family. In one line: the standardised immediate annuity

Eligibility at a glance — entry age 40 to 80 years; sum assured Purchase price from ₹1,00,000; policy term Lifetime annuity. Anything outside those bands will simply not be issued, so check them before you plan the premium.

What the plan actually gives you: Only two annuity options — single life and joint life Return of 100% of purchase price on death Loan available after six months Surrender allowed in defined critical illness cases Those are the contractual features; bonus or market-linked components, where they apply, are declared by LIC each year and are not guaranteed in advance.

Who it suits: Retirees who want a simple, comparable pension product. If that does not describe your situation, there is usually a better-fitting plan in the same family, and it costs nothing to ask.

Before you sign, run LIC's Saral Pension through the premium calculator on this site with your own age, sum assured and term. Seeing the yearly outgo next to the projected maturity value is the fastest way to know whether the plan fits your cash flow — and the fastest way to spot a mis-sold recommendation.

Buying, servicing and claiming are three different jobs. We help with all three free of charge, including for policies you bought elsewhere, from our office at Fort, Mumbai and online across India.