Life Insurance Corporation of India (LIC), India’s insurance behemoth, takes care of every citizen of every age group with its diversified range of savings plans and insurance products. It’s for sure that if you want to rely on something for a secure financial future, then nothing is better than choosing a LIC policy.
Out of all products, LIC Saral Pension Yojana is one of the best retirement planning schemes. Where all the other retirement schemes offer pensions after the age of 60 years, LIC Saral Pension Yojana offers an opportunity to investors to get a pension just after the age of 40 years.
Key Features of LIC Saral Pension Yojana
- The program is accessible to individuals between the ages of 40 and 80.
- With the Saral Pension Plan, you will start receiving your pension right after your policy is issued.
- You are required to make the premium payment only once at the time of purchasing the policy.
- In the unfortunate event of the policyholder’s passing, the nominee will receive the deposited amount as a refund.
- The policyholder has the option to surrender the policy at any time, starting from six months after its initiation.
Single or Joint Account
Single Life Account: As long as the policyholder is alive, they will receive the pension payments. In the event of their passing, the investment amount will be refunded to the designated nominee.
Joint Account: Designed for couples, this pension scheme ensures continuous payouts to the policyholder throughout their lifetime. Following their passing, the surviving spouse will receive the pension. In the unfortunate event of both spouses’ demise, the deposited amount will be awarded to the designated nominee.
Convenient Pension System
- Under the Saral Pension Yojana, you have the opportunity to receive a minimum monthly pension of Rs 1000.
- The pension amount is not capped and can vary based on the invested sum, with no upper limit.
- You have the flexibility to select from various pension options including monthly, quarterly, half-yearly, and annual pay outs.
Formula to Get ₹12,400 Monthly Pension
Here’s an example to let you understand how you can get a ₹12,400 monthly pension with this investment:
If an individual who is 42 years old invests Rs 30 lakh in an annuity, they can expect to receive a monthly pension of approximately Rs 12,388 or rounded to Rs 12,400.