LIC Saral Pension Plan No.862 is a new immediate pension plan launched on 1st July 2021. It is a Standard Individual Immediate Annuity Product.
Indian life insurance market currently has several individual immediate annuity products marketed by life insurers, with each product having its own features, terms and conditions and annuity options. With a view to having uniformity across Insurers, and to make available a product by all Life Insurers that will broadly meet the needs of an average customer, it is felt necessary to introduce a standard, individual immediate annuity product, with simple features and standard terms and conditions. Such a standard product will make it easier for the customers to make an informed choice, enhance the trust between the Insurers and the insured, and reduce mis-selling as well as potential disputes.
In view of this, IRDA gave the guidelines to insurers to launch a standard immediate annuity plan where the features will…