Planning for retirement is essential in today’s environment to guarantee financial security in your senior years. The LIC Saral Pension Yojana is one of the retirement schemes that the Life Insurance Corporation (LIC) offers. This single-premium, non-linked individual instant annuity plan offers retirees a steady stream of income.
How Does The Plan Works?
- You can choose the LIC Saral Pension Plan on your own or with your spouse.
- To begin receiving regular pension payments under the plan, you must first invest a lumpsum amount.
- Your lifetime pension payment is fixed, giving you financial certainty.
Payment Flexibility For Premiums
- At the time the plan is purchased, the premiums are paid in full.
- Options for pension frequency under the plan include monthly, quarterly, half-annual, or yearly payments.
- The minimum monthly pension amount of Rs 1,000. By changing your premium, you may alter the pension amount to suit your needs.
Loan Facility Benefits
- A loan facility is offered by the LIC Saral Pension Yojana six months following the policy’s start date.
- The money from the loan can be used for a variety of things, such as emergencies or medical care.
- You have the option to cancel the coverage after six months and get a refund equal to 95% of the basic price.
- The minimum and maximum age requirements for this program are 40 and 80 years, respectively.