LIC: If you wish to earn a good income even after retirement, worry no more. We are here to tell you about an excellent scheme. Did you know that LIC—one of the country’s most trusted institutions—runs special schemes that offer significant benefits? Keeping people’s future in mind, LIC has launched the ‘Saral Pension Yojana’.
This scheme offers a guaranteed lifelong pension after a single investment. To avail of the benefits of this scheme, there are a few important details you should be aware of. You can check the key features of this LIC Scheme below.
Saral Pension Yojana
This LIC scheme is a single-premium annuity plan, meaning there is no need to pay premiums repeatedly. You simply deposit a lump-sum amount when purchasing the policy, and in return, you start receiving a regular pension. A key feature of this scheme is that the pension amount determined at the start remains fixed for life; it is unaffected by market fluctuations or changes in interest rates.
Individuals aged between 40 and 80 years can invest in this scheme. The policy can be purchased either individually or jointly by a husband and wife. Investors can choose to receive the pension on a monthly, quarterly, half-yearly, or annual basis, depending on their needs.
No Maximum Investment Limit
Under this LIC scheme, it is mandatory to purchase a plan that yields a minimum annual pension of ₹12,000. However, there is no upper limit on the investment amount. This means investors can invest a larger sum according to their capacity and receive a higher pension.
The Saral Pension Yojana also offers certain facilities to the policyholder. The policy can be surrendered six months after its commencement. Additionally, a loan facility is available should the need arise.
In the event of the policyholder’s death, the original invested amount is refunded to the nominee. This is why the scheme provides financial security to the family alongside a regular income.
How much annual pension will you receive?
For instance, according to the LIC calculator, if a 40-year-old individual invests a lump sum of approximately ₹40 lakh in this scheme, they could receive an annual pension of around ₹2.62 lakh. This translates to a regular monthly income of over ₹21,800. LIC’s Saral Pension Yojana can prove to be a beneficial option for those seeking a fixed and guaranteed income after retirement.
