This LIC policy that ensures a steady monthly income is what we’re discussing. The unique aspect is that a single investment is all that is required to begin receiving pension payments. The insurance is called the LIC Saral Pension Plan.
The participants’ ages must be between 40 and 80 to participate in the programme.
This LIC Saral Pension Scheme provides a lifetime income to anyone between the ages of 40 and 80. This programme is suitable for singles or couples. After the first six months of the policy’s inception, the policyholder is also offered the option to surrender the policy. In contrast, the beneficiary of a death benefit insurance policy receives the investment amount upon the policyholder’s passing.
This retirement strategy is quite common.
The LIC Saral Pension, which provides a certain amount of money each month, may be thought of as a retirement savings plan as well. Investing in one’s golden years is a natural match for this concept. Let’s say someone has lately stopped working. If he is able to put his retirement savings and any gratuity he receives into it. Then, for the rest of his life, he will get a monthly pension payment.
No upper limit is placed on investments.
An annual annuity purchase under the LIC Saral Pension Plan is required. There is no limit on the amount that may be invested, and your retirement benefits will be proportional to your savings. After making a single premium payment, pension payments may be spread out over yearly, semiannually, quarterly, or monthly intervals. With this one-time payment, he may purchase an annuity. If a 42-year-old invests Rs 30 lakh in an annuity, the LIC Calculator estimates that he or she would get a monthly pension of Rs 12,388.
In addition, there is a loan option.
The policyholder of a LIC pension plan also has access to a borrowing option. Policyholders of the Saral Pension Yojana may apply for a loan once six months have passed. One unique feature of this otherwise straightforward pension plan is that once you begin receiving your pension, you will always get the same amount. Visit LIC’s website (www.licindia.in) to purchase this policy online.
