New Delhi: After the Central Government’s Unified Pension Scheme (UPS) came into force, private employees are also thinking about pension options. However, they have many options including NPS from where they can get monthly pension after retirement.
Among these, LIC also has a scheme which gives monthly pension after retirement on lump sum investment. The name of this scheme is LIC Saral Pension Yojana. It is a non-linked, single premium plan. This scheme provides people with a safe and comfortable retirement.
Who can avail the benefit of this scheme?
This is a pension scheme. Anyone between the age of 40 and 80 can avail the benefits of this scheme. You can avail this scheme alone or with a partner (husband or wife). You can avail the benefits of this scheme even after retirement.
How much premium has to be paid?
There is no monthly or yearly premium in this. A lump sum investment has to be made in this scheme. That is, the premium has to be paid only once. After this, pension starts every month which is received throughout life. The pension amount does not increase. In this scheme, the pension amount that starts with is the same throughout life. The policy can be surrendered any time after six months of starting the policy.
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How much pension do you get?
There is no limit on the maximum pension in this scheme. The more amount you invest, the higher the pension you will get. For pension, annuity has to be purchased in this scheme. Suppose your age is 42 years and you are buying annuity of Rs 30 lakh, then you will get a pension of Rs 12,388 per month. If you want to get more pension, then you will have to invest more amount accordingly.
These are the facilities of this scheme
- You can also take a loan under this scheme. You can apply for a loan six months after the plan starts. The loan amount will not exceed 50% of the annual annuity.
- If the policy holder falls ill and needs money for treatment, the policy can be surrendered. On surrendering the policy, the customer gets back 95% of the base price.
- If the policy holder dies then the nominee gets the base premium back.
- You can buy this scheme online or offline. You can apply for this scheme by visiting the official website of LIC.
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