LIC Pension Plan: LIC offers a wide range of amenities to its clientele. Today, we’re going to inform you about the LIC Pension Scheme, which is a pension plan that provides monthly benefits. You can only begin receiving pension benefits at the age of 40 and are required to make a lump sum payment into this amazing LIC scheme. The Saral Pension Yojana (LIC Saral Pension Yojana) is the name of a LIC policy.
Single Premium Pension Plan
The Saral Pension Yojana (Saral Pension) offered by LIC is a single premium pension plan, meaning that the premium must be paid just once when the insurance is taken up. You will thereafter receive pension payments for the rest of your life. The single premium amount is given back to the policyholder’s nominee in the event of his death. The Saral Pension Yojana is an immediate annuity plan, meaning that as soon as you purchase the policy, you will begin receiving pension benefits. Following enrollment in this policy, the initial pension amount is maintained throughout one’s lifetime.
Specialty of This Plan
- This scheme’s maximum age limit is 80 years, while its lowest age limit is 40 years.
- The pension payout under this policy is available for the entirety of one’s life.
- After six months from the policy’s start date, the Saral Pension policy may be cancelled at any time.
- One of your options is to receive a minimum pension of Rs. 1000 every month.
Minimum Pension of Rs 1000
Let us inform you that a minimum pension of 1000 rupees is available to you under this straightforward pension plan. If you deposit a single premium of Rs 10 lakh and you are 40 years old, you would receive Rs 50250 every year for the rest of your life. In addition, if you wish the money you put back in between, you will receive your money back after a 5 percent deduction.
Option to Avail a Loan
You can benefit from a loan on this LIC pension, which is an advantage. You can also receive financial assistance for the treatment of any major illnesses you may have. You are also provided with a list of serious illnesses in addition to this pension plan. Ninety-five percent of the basic amount is reimbursed upon insurance surrender. After the programme has been in place for six months, you can apply for the loan.