LIC pension plan: Get Rs 12,000 monthly pension on one-time investment

New Delhi: Life Insurance Corporation (LIC) provides a slew of investment options that offer impressive returns along with the safety of returns on the investment. In one such standard immediate annuity, the LIC Saral Pension Scheme, the state-owned insurer offers investors a chance to secure their future. The scheme follows the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI).  

Age limit for investing in LIC Saral Pension Scheme

The minimum age limit to invest in LIC Saral Pension Scheme is 40 years while the maxim age limit is 80 years. 

Two annuity options in LIC Saral Pension Scheme

The LIC Saral Pension Scheme offers inventors to select the type of annuity from two available options: 

Option 1: Insurers can opt to receive an annuity with 100% returns on the purchase price.

Option 2: In the second option, the insurer can select a joint-life last-survivor who will continue to receive an annuity with 100% returns on the purchase price. 

How to invest in LIC Saral Pension Scheme? 

Investors planning to put their money on LIC Saral Pension Scheme can buy the policy via a LIC agent or through the nearest LIC’s office. You can also invest in the scheme online via www.licindia.in.

When is the annuity paid? 

Customers can select the frequency of the annuity. At present, LIC is offering yearly, half-yearly, quarterly, and monthly annuities with the Saral Pension Scheme. Also Read: Snapchat map to start recommending places for user's visit

What is the minimum investment in the scheme? 

You can invest a minimum of Rs 12,000 per annum in the Saral Pension Scheme, which translates into Rs 1000 per month; Rs 3000 per quarter; and Rs 6000 per half-year. Also Read: Vijay Mallya mocks banks for saying he still owes them money