Know about Saral Pension Scheme here
In LIC’s Saral Pension Plan, you have to pay premium only once at the time of taking the policy and choose between two options to get annuity. After this, you will continue to get pension for the rest of your life. At the same time, on the death of the policy holder, the amount of single premium is returned to his nominee. This pension plan is an immediate annuity plan, that means you start getting pension as soon as you take the policy. After taking this policy, as much as the pension starts with, the same pension is available for the whole life. You get 4 options for paying annuity under this plan. Under this, you can take your payment monthly, every three months, every 6 months or you can take it in 12 months. So if the option you choose, your payment will be made in the period.
Terms and conditions
single life- In this, the policy will be in the name of any one, as long as the pensioner is alive, he will continue to get the pension, after his death the amount of base premium will be returned to his nominee. Whereas
joint life It has coverage for both the spouses. As long as the primary pensioners are alive, they will continue to get pension. After his death, his spouse will continue to get pension for life, after his death the amount of base premium will be handed over to his nominee. The minimum age limit to be a part of this scheme is 40 years and the maximum is 80 years. Since it is a whole life policy, the pension is available for the whole life, as long as the pensioner is alive. Saral Pension Policy can be surrendered anytime after six months from the date of commencement.
Option of pension of 12000 thousand rupees
Under Saral Pension Yojana, if you want pension every month, then you have to take at least Rs 1000 pension, Rs 3000 for three months, Rs 6000 for 6 months and Rs 12000 for 12 months. There is no maximum limit. According to the LIC calculator, if you are 42 years old and buy an annuity of Rs 30 lakh, then you will get a pension of Rs 12,388 per month.
option to surrender
If you have a serious illness and need money for treatment, then you can withdraw the money deposited in Saral Pension Yojana. You are given a list of critical illnesses for which you can withdraw money. On surrendering the policy, 95% of the base price is refunded. The option of taking a loan is also given under this scheme. You can apply for the loan after 6 months from the start of this scheme.