If you’re concerned about securing a steady income after retirement, the LIC Saral Pension Plan offers a solution. Here’s everything you need to know about this pension scheme:Key Features:
- Immediate Annuity: The LIC Saral Pension Plan is an immediate annuity plan, meaning you start receiving pension as soon as you purchase the policy, even from the age of 40.
- One-Time Premium Payment: You pay the premium only once when you buy the policy. After that, you will receive a fixed pension for life.
- Pension Amount: You can choose a minimum pension of ₹1,000 per month, with no upper limit on the pension amount, depending on the amount invested.
- Flexible Payment Options: You can opt for monthly, quarterly, half-yearly, or annual pension payments.
Read More: Atal Pension Yojana (APY): Invest ₹210 per month to secure a monthly pension of ₹5000 for seniors
Two Types of Plans:Single Life Plan: You receive the pension for as long as you live, and upon your death, the invested amount is returned to your nominee.Joint Life Plan: Both the policyholder and their spouse receive the pension. If the policyholder passes away, the spouse continues to receive the pension. After both pass away, the invested amount is returned to the nominee.Additional Benefits:
- Loan Facility: After six months of purchasing the policy, you become eligible for a loan.
- Surrender Option: You can surrender the policy after six months in case of an emergency and receive a lump sum amount.
Read More: FD Rates: Banks Offering the Highest Interest on 1-Year Fixed Deposits
Eligibility:
- You can invest in the Saral Pension Plan between the ages of 40 and 80.
This plan is a simple and effective way to ensure a lifetime of financial security after retirement with a one-time investment.
