Saral Pension keeps the pension choice relatively narrow: a single life option or a joint life option with a spouse, both carrying the stated return of purchase money. That can make the family benefit easier to compare, but it does not mean the whole deposit can be withdrawn whenever spending needs change.
Two pension choices with family money back
You pay the purchase money once and receive pension according to the selected mode, with the joint life choice continuing the stated amount to the surviving spouse. Ask for a quote using both correct ages where needed, because a pension figure from another person's example is not your own agreed rate.
Keep emergency money separate from the purchase
The special illness exit applies only after the required opening period and only to conditions defined in the policy, with evidence accepted by LIC. For a wider choice of income and death benefit patterns, compare Jeevan Akshay, rather than assuming every immediate pension plan has the same exit rules.
An illness exit example with ten lakh rupees
If purchase money is ten lakh rupees and an eligible illness exit is approved, ninety five percent gives nine lakh fifty thousand rupees before loan deductions. This is separate from the normal death return of purchase money, and any unpaid loan or interest can reduce the amount actually received on that exit.
FAQ
Q: Can Saral Pension be closed for any hospital admission?
A: No. The illness must meet the policy's listed definition and evidence requirements. A hospital bill alone does not establish the special right to close the policy.
Q: Whose illness can qualify for the Saral Pension exit?
A: The stated rule includes the pension buyer, spouse or a child after the required six months, subject to the policy conditions and LIC's acceptance of the evidence.
Q: Does Saral Pension return the price on the first joint life death?
A: Under the joint life choice, pension continues to the surviving spouse. The purchase price return is tied to the last covered death, rather than the first.