LIC Saral Pension Yojana: Pay once, get Rs 50,000 annually for a lifetime

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New Delhi: The majority of people want to spend a quality life. Quality life, however, is typically an expensive endeavor that calls for careful financial planning. Not only in posh cities but also in graceless cities, maintaining economic balance has become the go-to method. Most people look for the best financial investment from where they can get maximise and secure returns.

Here is the detail of LIC's policy from where you will start getting money at the age of 40. The name of this policy is Saral Pension Yojana, in which you can get a pension even from the age of 40 years. Let us have a look at this scheme. ()

A premium of the policy

This is a type of single premium pension plan, in which you have to pay the premium only once and you can earn for life. Saral Pension Yojana is an immediate annuity plan, which means you start getting a pension as soon as you take the policy. Once you take the policy, your pension will remain the same ever. ()

Rules and Regulations

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.

Age limit

The minimum age limit for the benefit of this scheme is 40 years and the maximum is 80 years.

Benefits of this policy

- It is a whole-life policy, so the pension is available for the whole life.
- Saral Pension Policy can be surrendered anytime after six months from the date of commencement.
- You can take a pension every month.
- Apart from this, it can also be taken on a quarterly, half-yearly, and yearly basis.

Pension scheme

If you want money every month, you have to take at least 1000 rupees pension. In this, you have to choose a minimum pension of Rs 12000. If you have deposited a single premium of Rs 10 lakh, you will start getting Rs 50, 250 annually. Apart from this, if you want your deposited amount back in the middle, after deducting 5 percent, you get the deposited amount back.