LIC Saral Pension Plan: After you retire, it’s common for people to start worrying about their retirement funds. Some folks are proactive and plan for their later years by investing in solid funds. Government workers enjoy various perks from the government, including pensions. If you’re in the private sector and want to ensure a comfortable life after retirement, an LIC scheme could be the answer. By putting your money into this LIC scheme, you can secure a monthly pension of Rs 12,000 once you retire.

What is the LIC Saral Pension Plan?

The New Saral Pension Plan from the Life Insurance Corporation of India is an immediate annuity plan. By investing in it, you can get a monthly pension. This plan is open to individuals aged between 40 and 80. It requires a one-time investment, after which you will receive a pension for life.

There are two types of plans

LIC’s Saral Pension Plan offers two options: the Single Life Plan and the Joint Life Plan. With the Single Life Plan, the policyholder gets a pension for their lifetime. When they pass away, the invested amount goes back to the nominee, and the pension stops. The Joint Life Plan covers both partners. If one partner dies, the other continues to receive the pension. If both pass away, the invested amount is given to the nominee.

How much pension will you get every month?

The monthly pension you get from the LIC Saral Pension Plan is based on how much you invest in the scheme. For instance, if you invest Rs 30 lakh, you can expect a monthly pension of Rs 12,388.

Death benefit?

You will receive this pension for your lifetime, and when you pass away, the investment amount will be returned to your nominee. You can take out a loan under the LIC Saral Pension Plan after six months from the start of the policy. If you prefer not to receive a monthly pension, you can also opt for annual, half-yearly, or quarterly payments.

There is an option to choose the pension period

Investors in the LIC Saral Pension Plan can select to receive their pensions monthly, quarterly, half-yearly, or annually. The minimum monthly pension is Rs 1,000, the minimum quarterly pension is Rs 3,000, the minimum half-yearly pension is Rs 6,000, and the minimum annual pension is Rs 12,000. If you need money for medical treatment, you can also withdraw the money deposited in the policy. Surrendering the policy provides a refund of 95% of the base price.

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