LIC Saral Pension Premium & Payout Calculator
Model your standardized, IRDAI-mandated immediate annuity under Plan 862. Instantly calculate lifetime pension payouts, 100% Return of Capital (ROP) refunds, spouse continuity options, GST additions, and tax-slab net yields.
Only applicable for Option 2 (Joint Life) covering lifetime payouts for both spouses.
₹5,000
Computed for age 60 at 6.25% base interest rate lock.Nominee Capital Shield: Active (100% ROP)
Upon passing, your entire original purchase price of ₹10,00,000 returns tax-free to the nominee.
Longevity Cumulative Growth & Break-Even Chart
Model showing initial outlay vs total cumulative pension cashflow over retirement.
LIC Saral Pension (Plan 862): The IRDAI Gold Standard
The LIC Saral Pension (Plan 862) represents a landmark consumer-centric initiative mandated by the Insurance Regulatory and Development Authority of India (IRDAI). Designed to eliminate complex fine print, this standardized immediate annuity plan offers a transparent, worry-free pathway to lifetime retirement security. By selecting one of the two clear, robust options, senior citizens secure sovereign-guaranteed payouts starting immediately from month one, accompanied by a 100% capital shield that protects their legacy.
The Two Standardized Payout blue prints
- Option 1: Single Life with Return of Capital (100% ROP): Best for retirees who want to lock in a maximum guaranteed pension for their own lifetime, ensuring their total initial capital is returned tax-free to their nominees upon passing.
- Option 2: Joint Life Last Survivor with 100% ROP: Extends full protection to your spouse. Payouts continue at 100% to the surviving partner on passing of the primary subscriber. Nominees receive the full premium outlay once both spouses pass away.
Liquid surrenders & Emergency Loans
Unlike general annuity policies which completely lock away your investment capital, LIC Saral Pension provides built-in emergency release valves:
- Critical Illness Surrender: You can surrender the policy and recover **95% of the purchase price** after 6 months if the subscriber, spouse, or children are diagnosed with specified critical illnesses.
- Emergency Loan Facility: Borrow up to 90% of the loan value after 6 months to meet sudden financial obligations, with interest deducted from your regular annuity payouts.
Plan Rules & Eligibility Grid
| Parameter | Annuity Payout Limits |
|---|---|
| Minimum Entry Age | 40 Years (Completed) |
| Maximum Entry Age | 80 Years (Completed) |
| Minimum Purchase Price | Clamped by minimum pension rules (~₹2.5 Lakhs) |
| Maximum Purchase Price | No Upper Investment Limit |
| Minimum Pension Payouts | Monthly: ₹1,000 | Quarterly: ₹3,000 | Half-Yearly: ₹5,000 | Yearly: ₹12,000 |
Inflation Protection & Dual Modes
Securing a regular pension starts with early career planning. Our calculator supports a dedicated **Retirement Planner Tab** that computes how much you need to save each month or year during your active career to reach your target monthly pension corpus under Plan 862.
Accumulation Phase Power
By compounding savings at typical LIC pension fund returns (e.g., 8%), you can easily accumulate large corpuses. For example, saving ₹10,000 monthly over 30 years yields a massive corpus, which then locks in a high lifetime annuity yield under Saral Pension.
LIC Saral Pension (Plan 862) FAQs
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