The Life Insurance Corporation of India (LIC) offers various schemes that cater to the diverse needs of its customers.
One such scheme is the Saral Pension Yojana, a pension plan that guarantees a steady income for life. With a single premium deposit, customers can enjoy the benefits of this policy.
Immediate Annuity Plan
The Saral Pension Yojana is an immediate annuity plan, which means that customers can start receiving their pension as soon as they take the policy.
This policy is designed for individuals between the age of 40 and 80 who are looking for a reliable source of income during their retirement years.
Features of the Plan
The policyholder needs to make a lump sum payment at the time of taking the policy. The minimum amount required to be invested is Rs. 1,00,000, and there is no upper limit.
In case of the policyholder’s death, the single premium amount is returned to their nominee.
The Saral Pension Yojana offers a guaranteed lifetime pension to the policyholder. Customers can opt for a minimum pension of Rs. 1,000 per month.
The amount of pension depends on the age of the policyholder and the premium amount paid.
For instance, if a 40-year-old policyholder invests Rs. 10 lakhs, they can get an annual pension of Rs. 50,250 for their entire life.
Flexibility of the Plan
The policyholder can also surrender the policy anytime after six months from the date of inception.
Additionally, they have the option of availing a loan against the policy in case of an emergency or serious illness. The policyholder can apply for a loan after six months of starting the scheme.
Saral Pension Yojana is a beneficial investment for individuals looking to secure their retirement.
The policy offers a steady stream of income for life, with the added benefit of loan facilities. With this scheme, individuals can enjoy a peaceful and financially secure retirement.
