Under this scheme, you start getting pension even at the age of 40. There are two options to take this scheme. Individuals of minimum 40 years and maximum 80 years can take advantage of this scheme.
LIC’s Saral Pension Plan is an immediate annuity plan. That is, you will start getting pension as soon as you take the policy in this. This is a single premium pension plan. After taking this policy, the pension you will get for the first time will be the same pension for the whole life. After investing in this, you do not have to wait for more than 60 years of age for pension.
Under this scheme, you start getting pension even at the age of 40. There are two options to take this scheme. The first is single life in which the policy will be in one’s name. On his death the amount of base premium will be given to the nominee. Another option is joint life. In this both the spouses are covered. First the primary pensioner will get pension and after his death, pension will be given to his spouse. If both of them die, then after their death the amount of base premium will be given to their nominee.
Who is eligible
Minimum 40 years and maximum 80 years of age can take advantage of this scheme. In this, as long as the pensioner is alive, the pension is available. This policy can be closed anytime after six months of inception. When the pension is to be taken, it is decided by the pensioner by choosing from 4 options. You can take pension every month, every three months, every 6 months or once in 12 months.
Who will get how much pension
, in this you will have to take a minimum annual pension of Rs 1,000 per month or Rs 12,000. For this you have to invest 2.5 lakhs. There is no limit to take maximum pension in this. You can get a pension of Rs 50250 every year by paying a single premium of Rs 10 lakh. Remember you must be 40 years old here. Similarly, for an annual pension of Rs 1 lakh, you will have to invest a lump sum of Rs 20 lakh.
Important details of the scheme
On this you will start getting loan after the first 6 months. You can exit the scheme after 6 months. In this, a fixed interest of 5 percent is available every year. You will get pension as long as you are alive. There is no maturity benefit in this as this scheme lasts only till the account holder is alive.
