New Delhi, June 9 -- The Life Insurance Corporation of India (LIC) provides the 'Saral Pension Plan' which is a standardised immediate annuity scheme. It is developed to provide retirees with a guaranteed lifelong income stream.

This particular plan has been introduced under the Insurance Regulatory and Development Authority of India (IRDAI) stipulations and guidelines. It aims to boost and simplify pension options and ensure uniformity across insurers.

The LIC's Saral Pension Plan is a single premium, non linked, non participating and immediate annuity policy. In this policy, investors pay a lump sum and then receive regular pension payments for life. Further, annuity payout options include monthly, quarterly, half yearly or annual fre...