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.
