Doesn’t it sound nice to already have your financial future planned? What if you can fix right now what you are going to earn monthly? Well, LIC Saral Pension Yojana can help you to achieve this dream. You will just have to invest a lump sum amount of ₹10 Lakh then you can get a pension amount of ₹52,250 annually. Furthermore, if you want your invested amount back halfway before maturity, then a deduction of 5 per cent will be levied.
Benefits of LIC Saral Pension Yojana
It’s a lifetime policy, so you will get a pension for your whole life. Furthermore, the Saral Pension Policy can be stopped at any time after six months from the date of opening. This policy has three options as maturity periods so you can open it on an annual, half-yearly and quarterly basis.
Age Limit for this Scheme
- The minimum age limit to invest in this scheme is 40 years and the maximum is 80 years.
Sara Pension Yojana Categories
“There are two categories of this premium. Single Life– In this, the policy will remain in the name of the policyholder. In any situation, policy can’t be transferred to another person. As long as the pensioner is alive, he will continue to get the pension. After his death, the amount of the base premium will be returned to his nominee. Joint Life– In this, both spouses have coverage. As long as the primary pensioners are alive, they will continue to get pensions. After his death, his spouse will continue to get a pension for life. After his death, the amount of base premium will be handed over to his nominee,” mentioned Zee news.
Also read:How Much Amount Should You Invest In PPF?
This policy is a single premium plan that offers an annual pension cycle after maturity. Hence, after paying a large lump sum amount you can get an annual pension for a life time. And in simple terms that means you become eligible to get a pension as soon as you invest in this scheme.