PolicyBros.in
Pension PlansPlan 862NRI Eligible

LIC Saral Pension

IRDAI mandated simple pension plan, straightforward retirement income

What is LIC Saral Pension?

LIC Saral Pension (Plan 862) is a pension plans plan from Life Insurance Corporation of India. In simple terms: irdai mandated simple pension plan, straightforward retirement income.

Key Highlights

IRDAI standardized, same features across all insurers
Simple, no-frills pension plan
Very low minimum purchase price
Available up to age 80

Benefits Explained Simply

If Something Happens to You (Death Benefit)

Purchase price returned to nominee

When the Plan Matures (Maturity Benefit)

Pension for life

Eligibility & Details

Minimum Entry Age40 days (for children)
Maximum Entry Age80 years
Minimum Sum Assured₹1,000
Policy TermLifetime annuity
Premium Paying TermSingle premium
Bonus Typenone
Risk Levellow
NRI EligibleYes

Tax Benefits

  • Section 80CCC deduction on premium
  • Pension is taxable income

Premium Rates (Indicative)

Age1 years
40 yrs₹10,00,000
50 yrs₹10,00,000
60 yrs₹10,00,000
70 yrs₹10,00,000

VERIFIED from official LIC Sales Brochure. IRDAI standard immediate annuity. Option I: Life annuity with return of 100% purchase price. Option II: Joint life. ₹10L purchase, age 60 = ~₹62,300/yr annuity. Online rebate: 2%.

Source: LIC Official Sales Brochure | Data last verified: 21 March 2026

Example: What You Could Get

Select a plan with available rates to see an illustration.

Who is This Plan Best For?

simple pensionretirementsenior citizens

Frequently Asked Questions

What is LIC Saral Pension (Plan 862)?

LIC Saral Pension is a pension plans plan from Life Insurance Corporation of India. IRDAI mandated simple pension plan, straightforward retirement income.

What is the eligibility age for LIC Saral Pension?

Entry age is between 40 and 80 years. Policy term: Lifetime annuity. Premium paying term: Single premium.

What is the minimum sum assured for LIC Saral Pension?

Minimum sum assured is ₹1,000. There is no upper limit on sum assured.

What are the tax benefits of LIC Saral Pension?

Section 80CCC deduction on premium. Pension is taxable income.

Is LIC Saral Pension available for NRIs?

Yes. LIC Saral Pension is available to Non-Resident Indians. NRIs can buy this plan during a visit to India or through power of attorney.

What happens if I stop paying premiums on LIC Saral Pension?

If you stop paying premiums before 3 years, the policy lapses and you lose all benefits. After 3 years of premium payments, the policy acquires a paid-up value and you receive a reduced sum assured. You can also revive a lapsed policy within 5 years by paying outstanding premiums plus interest.

The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.

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