Life Insurance Corporation of India (LIC) has brought a fantastic opportunity for you! LIC’s ‘Saral Pension Plan’ is a Standardized Immediate Annuity Scheme specially designed to guarantee lifelong income to retired people. This scheme has been launched under the terms and guidelines of the Insurance Regulatory and Development Authority of India (IRDAI), which aims to promote and simplify pension options. By joining this scheme, you can financially secure your old age and enjoy life without any worries.
Why is LIC’s Saral Pension Yojana so special
LIC’s Saral Pension Yojana is a Single Premium, Non-Linked, Non-Participating, and Immediate Annuity Policy. This means that you have to pay a lump sum amount only once, and after that, you keep getting a regular pension throughout life. This makes it a very attractive option for those who want a secure investment free from market fluctuations.
Apart from this, there are many other special features of this scheme.
Minimum Annual Pension: The minimum annual amount in this scheme is ₹ 12,000. If you choose a monthly pension, you can choose a minimum of ₹1,000 per month, ₹3,000 for quarterly and ₹6,000 for half-yearly. This ensures that everyone can choose the pension option as per their need.
Pension starts immediately: The most important thing is that the pension starts within one month of purchasing the plan. You do not have to wait long.
Loan facility
A big advantage of this LIC plan is that the policyholder is allowed to take a loan after six months of starting the policy. This facility can help you in difficult times, especially when you need money for emergency expenses. The maximum loan amount will be such that the total annual interest paid on the loan does not exceed 50% of the annuity (pension).
Why is this plan even more attractive
LIC Saral Pension Plan is eligible for tax exemption under Section 80C and 10(10D) of the Income Tax Act, and this is what makes it even more attractive. This means you can reduce your taxable income and enjoy dual savings simultaneously – pension and tax savings!
Who can apply
This plan is available for people across a wide age group:
Age eligibility: 40 years (completed) to 80 years (completed). It is an excellent option for those who are planning to retire early or who want to secure their post-retirement income.
Required Documents
PAN Card
Aadhaar Card
Age Certificate
Address Certificate
Bank Details
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