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LIC Saral Pension Yojana: Get guaranteed income and loan facility under this scheme, check benefits

LIC scheme: In today’s world, retirement planning is crucial to ensure financial stability during your golden years. Life Insurance Corporation (LIC) offers a variety of pension plans, and one such option is the LIC Saral Pension Yojana. This non-linked, single-premium, individual immediate annuity plan provides a reliable source of income for retirees. Here’s all you need to know about this scheme:

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How the scheme works:

• You can opt for LIC Saral Pension Plan either as an individual or jointly with your spouse.

• The plan requires a lump sum investment, after which you start receiving regular pension payments.

• The pension amount remains fixed throughout your life, providing financial security.

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Flexibility in premium payment:

• Premiums are paid upfront at the time of purchasing the plan.

• The scheme offers various pension frequency options, including monthly, quarterly, half-yearly, or yearly.

• Monthly pension starts at a minimum of Rs 1,000, with no maximum limit. You can tailor the pension amount to your needs by adjusting your premium accordingly.

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Loan facility:

• LIC Saral Pension Yojana provides a loan facility after six months from the policy’s inception.

• You can use the loan amount for various purposes, including medical treatment or emergencies.

Policy surrender:

• You have the leverage to surrender the policy after six months and receive 95% of the base price as a refund.

• The minimum entry age for this scheme is 40 years and the maximum age is 80 years.

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