Pension: We are discussing the LIC Saral Pension Plan, which is designed as an immediate annuity plan. This plan allows individuals to begin receiving their pension immediately upon purchasing the policy, without the necessity of waiting until the age of 60. Beneficiaries can start enjoying pension benefits from the age of 40. A notable feature of this pension scheme is that it requires a one-time premium payment at the time of policy acquisition. Once the premium is paid, the policyholder will receive a consistent pension amount for the entirety of their life.
LIC Saral Pension plan
The Saral Pension Plan offers two options: single life and joint life. In the single life option, the policyholder receives pension payments for as long as they are alive, and upon their death, the invested amount is returned to the designated nominee. Conversely, the joint life option covers both spouses, with the primary policyholder receiving pension payments during their lifetime. After the primary policyholder’s death, the spouse continues to receive the pension, and upon the passing of both individuals, the deposit amount is returned to the nominee.
Pension starting at Rs 1,000
Under the Saral Pension Yojana, individuals can secure a monthly pension starting at Rs 1,000, with no upper limit on the pension amount, which is contingent upon the investment made. Pension payments can be structured on a monthly, quarterly, half-yearly, or yearly basis, depending on the policyholder’s preference. According to information from LIC’s website, an investment of Rs 10 lakh at the age of 60 would yield an annual pension of Rs 64,350. In a joint life plan, where the primary policyholder is 60 years old and their spouse is 55, the annual pension would be Rs 63,650.
Important infos you should know
This scheme allows individuals to invest at any age between 40 and 80 years, enabling them to start receiving pension benefits alongside their investment. For those who invest in the Saral Pension Scheme at the age of 40, pension benefits commence immediately and continue for life. Additionally, this LIC plan provides the option of obtaining a loan six months after the policy is purchased.