Many people in the private sector worry about their retirement finances. To address this concern, they often engage in various financial planning activities. However, saving alone may not guarantee a steady income during retirement. In response, several income-generating schemes have been introduced in the country, with LIC, the largest insurance company, actively involved. LIC offers different policy plans to suit individual needs, providing a reliable income source for the future. Now, let us tell you about a great pension plan from LIC that offers an opportunity to get a hefty amount of monthly pension after retirement.
LIC Saral Pension Yojana
Under the LIC Saral Pension Yojana, you receive a monthly pension of Rs 12,000, requiring only a single premium payment. At the age of 60, this pension of Rs 12,000 begins and continues for your lifetime. Additionally, if you invest Rs 10 lakh at the age of 60, you can expect an annual pension of Rs 58,950. The exact amount may vary depending on your chosen pension investment account.
How to Apply for the Scheme?
If you’re interested in this pension scheme, you can apply for it either online or offline. To participate, you need to invest a minimum of Rs 12,000 annually, and there’s no maximum limit. This scheme is open to individuals aged 40 to 80. After 6 months from the policy start date, policyholders can also take advantage of the loan feature.
Benefits of LIC Saral Pension Yojana
- In a single-life annuity, when the person receiving the annuity passes away, the entire amount that was used to buy the annuity goes to the person they selected to receive it after their death.
- Under survival benefits the annuity amount becomes payable.
- In the LIC Saral Pension Scheme, you can only apply for a loan after the policy has been active for six months.
- As per Income Tax Act, of 1961, the policyholder also gets tax benefits.