In the era of private sector jobs, you have to think about retirement. Because you don’t have the option of a government pension. Therefore, you need to save a portion of your salary every month. This is how you will build your pension fund.

However, the good news is that there are some pension plans that don’t require daily investment. Instead, you can deposit a lump sum once and receive a pension for life. And today, we will talk about one such plan from LIC. This plan will secure your retirement.

This plan eliminates the hassle of investing every month. You simply deposit a lump sum once and receive a pension. This plan is called the LIC Saral Pension Plan. The age limit for this plan is 40 to 80 years. You can opt for this plan individually or jointly with your spouse. As a result, you won’t have to worry after retirement.

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You will receive the same pension…

According to LIC, this plan requires a one-time payment. Through this, you will receive a pension for life. It is designed exclusively for retirement.

Even if you invest your provident fund or gratuity money in this plan after retirement, you will still receive the pension without any problems.

And this policy doesn’t have to be continued for life. You can even close the policy just six months after starting it, if you wish.

That’s not all; this policy also offers a death benefit. In case of the policyholder’s death, the nominee will receive the money.

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What is the minimum investment amount?

Through the LIC Saral Pension Scheme, you can purchase a policy that provides a minimum annual pension of Rs. 12,000. However, there is no upper limit. You can invest as much as you want to receive the desired pension amount. You can receive the money monthly, quarterly, or semi-annually, according to your preference. You can also avail a loan against this policy.

Calculation for receiving Rs. 12,000 per month

If a 42-year-old individual invests Rs. 30 lakhs through the LIC Saral Pension Scheme, they will receive Rs. 12,388 as a pension for life. You can also purchase this plan online. Simply visit www.licindia.in to buy the policy.