LIC Saral Pension Yojana: In LIC’s Saral Pension Scheme, a lump sum premium has to be paid and the pension starts as soon as the plan is taken. This scheme can be taken alone or with your spouse. Investors can take pension in the scheme monthly, quarterly, half yearly or annually.
After a certain age a person retires. Regular source of income stops. In such a situation, it is very important to have a retirement fund for post-retirement expenses. That’s why people do retirement planning. Pension is also a part of retirement planning. When it comes to retirement planning, the name of LIC (Life Insurance Corporation) definitely comes up. LIC offers many pension plans to its customers. One of these is – LIC Saral Pension Yojana. It is a non-linked, single premium, individual immediate annuity plan. A lump sum investment has to be made in this scheme. Let us know about this scheme.
How to pay premium
You can take LIC Saral Pension Plan alone or with your spouse. A lump sum investment has to be made in this. After this you continue to get pension. The customer has to pay a lump sum premium at the time of taking the plan. In this scheme, starting with the highest pension, the same pension continues to be received throughout the life. The policy can be surrendered any time after six months of inception. The minimum age for investing in LIC Saral Pension Scheme is 40 years and maximum age is 80 years.
These are the options to get pension
Investors can take monthly, quarterly, half yearly or yearly pension in LIC Saral Pension Scheme. Monthly pension is minimum Rs 1,000, quarterly pension is minimum Rs 3,000, half yearly pension is minimum Rs 6,000 and annual pension is minimum Rs 12,000. The special thing is that there is no limit on the maximum pension amount here. If you are 42 years old and you are buying an annuity of Rs 30 lakh, then you will get a monthly pension of Rs 12,388. Now if you want to get more amount in pension, then accordingly you can deposit a lump sum premium of more amount.
Loan facility is also available
There is also loan facility in this scheme. Customers can apply for the loan after six months of the launch of the plan. If you need money for the treatment of any disease, you can also withdraw the money deposited in the policy. On surrender of the policy, the customer gets back 95% of the base price. You can take this policy in both single life and joint life.