LIC scheme: Life Insurance Corporation of India (LIC), the leading government life insurance company, offers diverse policies for all age groups. While most pension schemes start at the age of 60, LIC provides an exclusive opportunity to start receiving a pension from the age of 40 through its Saral Pension Yojana.
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Key Features:
1. Age limit: The scheme is available for individuals aged 40-80 years.
2. Immediate annuity: With Saral Pension Plan, you begin receiving your pension immediately upon policy issuance.
3. One-time premium: Pay the premium only once while purchasing the policy.
4. Nominee benefit: In the unfortunate event of the policyholder’s demise, the deposit amount is returned to the nominee.
5. Surrender option: The policyholder can choose to surrender the policy anytime after 6 months from its inception.
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Single Life or Joint Account:
1. Single Life: As long as the policyholder lives, they will receive the pension. Upon their death, the investment amount is returned to the nominee.
2. Joint Life: Suitable for couples, the pension is provided to the policyholder as long as they are alive. After their demise, the spouse continues to receive the pension. If both pass away, the deposited amount is given to the nominee.
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Flexible pension options:
1. Minimum pension: You can avail a minimum monthly pension of Rs 1000 under the Saral Pension Yojana.
2. No maximum limit: The pension amount has no upper limit, depending on the invested amount.
3. Frequency: Choose from monthly, quarterly, half-yearly, and annual pension options.
Example: If a 42-year-old person purchases an annuity of Rs 30 lakh, they can receive a monthly pension of Rs 12,388 or approx Rs 12,400.
