Retirement planning is important for everyone. To remain financially strong in old age, we should prepare in advance. Nowadays many people invest in the stock market for retirement planning, while many take the help of government schemes. If you are also looking for a great plan for retirement, then LIC Saral Pension Plan can prove to be beneficial for you.
LIC Saral Pension Plan
LIC (Life Insurance Corporation) Saral Pension Plan is a special insurance scheme, in which you get a fixed amount every month after retirement. The special thing about this plan is that you have to invest only once, and then you can get pension for life.
In today’s time, this plan is also popular as a retirement plan because in this you can get a pension of up to ₹ 12,000 every month.
Who can invest
A person below the age of 40 cannot invest in LIC Saral Pension Plan. However, its special feature is that one can invest in it anytime till the age of 80 years.
How will you get pension
Under this plan, you have to buy annuity. If you want, you can buy annuity of ₹ 1000 monthly, ₹ 3000 quarterly, ₹ 6000 half-yearly or ₹ 12,000 yearly. LIC gives you the benefit of pension based on the annuity chosen.
What is the maximum investment limit
There is no maximum investment limit in this plan. You can invest as much as you want. The more money you invest in this scheme, the more pension you will get after retirement. For example, according to the LIC calculator, if a 42-year-old person buys an annuity of ₹ 30 lakh, then LIC gives him a pension of ₹ 12,388 every month.
How to invest
You can buy LIC Saral Pension Plan online or offline. To buy online, you can visit www.licindia.in. You can also surrender the policy 6 months after it starts. You can also take a loan under this plan, but the loan amount will depend on your investment.
LIC Saral Pension Plan is a great option for retirement. This plan provides you with safe investment as well as financial freedom for life. However, before buying any policy, do consult your financial advisor.