LIC Saral Pension Plan: Invest Once, Reap Rs 58,950 Every Year For A Lifetime

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New Delhi: Life Insurance Corporation of India (LIC) is well-known for having a large customer base throughout the nation because of the variety of insurance policies it provides to clients that appeal to different societal groups. The LIC Saral Pension Yojana is one of the pension plans that LIC has introduced to help people meet their post-retirement obligations. 

The scheme, which was first introduced as a Standard Immediate Annuity plan, is among the greatest possibilities on the market for meeting financial needs after retirement. ()

The insured individual must pay the premium once a year in order to enroll in this plan. After that, the policyholder will receive a minimum yearly pension of Rs 12,000 for the remainder of his life. ()

LIC Saral Pension Yojana: Key Features

1. Pension Options:

Policyholders have two options to choose from:

Lifelong Pension Payout

Joint life annuity with 100 percent return of purchase price on the demise of the last survivor

2. Lifelong Annuity:

In the first option, the annuity payments will continue until the policyholder is alive. In the event of the policyholder's demise, the annuity payments cease, and the nominee receives 100 percent of the purchase price.

3. Joint Life Annuity:

The second option involves annuity payments as long as either the policyholder or their spouse is alive. If both pass away, the annuity payments stop, and the nominee receives the outstanding amount.

LIC Saral Pension Yojana: Eligibility

The policy can be purchased by individuals with a minimum age of 40 and a maximum age of 80.

LIC Saral Pension Yojana: Annuity Payment Options

Policyholders can choose to receive annuity payments monthly, quarterly, or annually.

LIC Saral Pension Yojana: Here's How To Get Rs 58,950 Pension

For instance, a 60-year-old individual investing Rs. 10 lakh and opting for an annual annuity mode could receive Rs. 58,950 annually.

LIC Saral Pension Yojana: How To Purchase

Interested individuals can purchase the policy online and offline through LIC's official website, www.licindia.in.