Are you looking for the best pension plan for yourself that can help you become tension-free post-retirement? Well, then you must know about LIC Saral Pension Yojana. In general, an individual starts receiving a pension when they retire, usually after the age of 60. However, under the Saral Pension Yojana by the Life Insurance Corporation of India, you can start getting a pension even at the age of 40.
What is Saral Pension Yojana?
Saral Pension Yojana is an Immediate Annuity Plan, i.e. you start getting a pension as soon as you take the policy. After taking this policy, the amount that you receive as a pension remains the same for your whole life.
In LIC’s Saral Pension Yojana, you have to pay a premium only once while taking the policy and choose between two options to get an annuity. After this, you will continue to get a pension for the rest of your life. At the same time, on the death of the policyholder, the amount of a single premium is returned to his/her nominee.
Eligibility criteria
The minimum age limit to be a part of this scheme is 40 years and the maximum is 80 years. Also, the Saral Pension Policy can be surrendered anytime after six months from the date of commencement.
When will the annuity be paid?
You get 4 options for paying the annuity under the Saral Pension Yojana. Under this, you can make your payment monthly, every three months, every 6 months, or every 12 months.
How much to invest?
There is no maximum limit under the Saral Pension Yojana. According to the LIC calculator, if you are 42 years old and buy an annuity of Rs 30 lakh, then you will get a pension of Rs 12,388 every month.
Meanwhile, you can withdraw the money deposited in the Saral Pension Yojana if you have a serious illness and need money for treatment. On surrendering the policy, 95 percent of the base price is refunded. Furthermore, the option of taking a loan is also given under this scheme. You can apply for the loan after 6 months from the start of the scheme.
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