LIC Pension Plan: Everyone saves some of their income and plans to invest it in a place that can accumulate a substantial corpus for retirement. Some seek savings plans to ensure regular income. LIC’s pension plans are also popular. Among these, the LIC Saral Pension Plan is special, offering a lifetime pension by investing just once. This plan guarantees regular income.
LIC’s single-premium plan
The LIC Saral Pension is a single-premium plan, which means you only need to make one investment. Once you make this lump-sum payment, you will receive a guaranteed pension for life. This plan is specifically tailored as a retirement policy.
If an individual invests their retirement pension funds or gratuity into this pension scheme, they will start receiving their pension immediately after the investment. The important aspect is that the initial pension amount remains constant throughout their lifetime.
This LIC pension scheme can be a fantastic choice for ensuring financial stability in old age and providing a steady income. The age eligibility for the LIC Saral Pension Plan ranges from 40 to 80 years. You can opt for this policy individually or jointly with your spouse. It guarantees a reliable pension. The LIC Saral Pension Scheme also permits policyholders to surrender their policies after six months from the start date. In the event of death, the investment amount is returned to the nominee of the policyholder. Additionally, a loan facility is available, which policyholders can apply for after six months.
Monthly, quarterly, half-yearly, or annual pension
With LIC’s Saral Pension Scheme, you can acquire an annuity starting from Rs 12,000 per year. There is no upper limit on the investment, so the more you invest, the higher your pension will be. Under this plan, investors have the flexibility to receive their pension monthly, or they can choose to receive it annually, half-yearly, or quarterly.
How to get a pension of Rs 21,000?
Now let’s explain the calculation that can guarantee a monthly pension of Rs 21,000 under the LIC Saral Pension Plan. According to the LIC calculator, if a person at the age of 40 invests Rs 40 lakh and purchases an annuity, they will receive an annual pension of Rs 2,62,454, and on a monthly basis, they will receive Rs 21,871.