LIC Saral Pension Yojana is a retirement plan aimed at providing consistent and reliable income post-retirement. In this plan, you make a one-time investment and in exchange, you receive a lifelong pension. This pension plan is intended for individuals who wish to obtain a set sum each month following retirement. Under this plan, you have the option to select the pension amount according to your preference, such as ₹12,000 monthly or higher. The pension sum is based on the total amount you contribute.
Single Life Annuity (Single Life Option): Opt for this choice if you desire a pension solely for your lifetime. Joint Life Annuity (Joint Life Option): In this arrangement, you and your partner receive a guaranteed pension. If your partner passes away, the pension remains in effect. This strategy relies on a one-time premium payment.
You can select a pension sum of ₹12,000, ₹15,000, or higher
In this scenario, you make a one-time premium payment and, in exchange, obtain a lifetime pension. You can select a pension sum of ₹12,000, ₹15,000, or higher, but it will rely on the amount you contribute. To boost the pension, you may select the enhancement option within this plan. This scheme does not provide life insurance coverage; it offers only a pension and no benefits upon death. To receive a monthly pension of ₹12,000 in the LIC Saral Pension Yojana, you need to invest a specific lump sum amount. At 60 years old, you might need to invest approximately ₹18-20 lakh to secure a monthly pension of ₹12,000. This sum might vary based on your pension and age.
Application process:
1. You can apply for this scheme by visiting the nearest branch of LIC.
2. For this you will need Aadhar card, PAN card and some other documents.
3. You can start receiving pension after paying the lump sum premium
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