People working in the private sector do save some money for retirement, but they often worry about getting regular income after retirement that can cover their daily needs. A simple way to solve this is to invest in a plan where your money stays safe and you keep getting regular income.
LIC offers many such schemes. Today, we will tell you about one LIC pension plan where you need to pay the premium only once, and you can receive income for your entire life. You can even start getting the pension from the age of 40. Let’s know more about this plan.
What is the LIC Saral Pension Plan?
LIC Saral Pension Plan is a simple pension scheme. It is an immediate annuity plan. This means you start getting a monthly pension as soon as you buy the policy. You don’t have to wait till the age of 60. You can get a pension from the age of 40.
In this plan, you have to pay the premium only once. After that, you will receive a fixed pension for your whole life. The pension amount stays the same every time.
Main Features of the Plan
There are two types of plans:
- Single Life – Pension is given to you as long as you are alive. After your death, the money you invested is returned to your nominee.
- Joint Life – This covers both husband and wife. Pension is given to the main policyholder first. After his or her death, the spouse starts getting the pension. After both die, the investment is returned to the nominee.
You can get a minimum pension of ₹1,000 per month. There is no limit to the maximum pension. It depends on how much you invest. You can choose to get the pension monthly, every 3 months, 6 months, or yearly.
You can buy this plan anytime between the ages of 40 and 80. Pension starts right from the time you invest. The plan also gives a loan option after 6 months. You can also surrender the policy after 6 months in case of an emergency.