Saving money is crucial for everyone. Most people plan ahead while working to ensure they won’t have financial worries after they retire. Unfortunately, many jobs still don’t offer a pension system. That’s why we want to share information about a scheme that could help.
By investing in this plan, you can receive a monthly pension of 12,000 rupees. This initiative is offered by the Life Insurance Corporation of India and is called the LIC Saral Pension Plan. Let’s break down how you can secure that 12,000 rupee monthly pension.
LIC Saral Pension Plan Overview
With the LIC Saral Pension Plan, you only need to make a one-time investment. After that, you’ll receive a monthly pension of 12,000 rupees. This plan is available for individuals over 40 years old, and Indian citizens can invest until they reach 80. It’s important to note that you need to purchase an annuity through this policy. The minimum annuity amounts are 3,000 rupees for a quarter, 6,000 for half a year, and 12,000 for a full year. If you prefer a monthly pension, you’ll need to buy an annuity of 1,000 rupees, while an annual pension requires an annuity of 12,000 rupees.
If someone is employed in the private sector or a government job and decides to invest their PF fund and gratuity before retiring, they can enjoy a monthly pension for the rest of their life.
How can you secure a pension of Rs 12,000?
With LIC’s Saral Pension Yojana, you can purchase an annuity that guarantees at least Rs 12,000 annually. There’s no upper limit on how much you can invest in this scheme, so you can contribute as much as you like. This plan allows anyone to receive benefits through annual, semi-annual, quarterly, or monthly pension payments by making a one-time premium payment. For instance, if a 42-year-old individual invests Rs 30 lakh in an annuity, they could receive a monthly pension of Rs 12,388, according to the LIC calculator.
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