Right now every person is choosing various investment schemes to secure their future. Certain individuals choose to invest in the volatile stock market, whereas others opt for government programs. If you seek to invest with secure and consistent returns without taking any risks, then the “Saral Pension Plan” managed by the Life Insurance Corporation of India (LIC) may be the perfect option for you. This scheme is specifically tailored for individuals seeking reliable income following retirement.
What is the LIC Saral Pension Plan?
LIC Saral Pension Plan is an individual immediate annuity scheme with a single premium that is not linked. The uniqueness of this plan lies in the requirement to make a one-time premium payment, after which you receive a guaranteed pension for life. This strategy is perfect for individuals seeking a consistent income post-retirement while aiming to safeguard their future.
Pension Calculation and Amount
With the LIC Saral Pension Plan, a minimum monthly pension of ₹1,000 is available. This sum can also be received quarterly, semi-annually, or annually. For instance, purchasing an annuity worth ₹30 lakh at 42 years old will give you a monthly pension of ₹12,388. Consequently, this strategy offers a reliable and consistent source of income following retirement.
Benefit for Death and Surrender
With this arrangement, if the policyholder passes away, the spouse will keep receiving a pension through the joint life option. If both pass away, the premium paid is refunded to the nominee. The policyholder may cancel the policy at any time after 6 months and receive 95% of the original price in return. The plan is entirely secure and devoid of market risks.
Following 6 months since the policy’s initiation, if you require funds, you can also secure a loan under this plan. Additionally, according to Section 80C of the Income Tax Act, this scheme offers a tax exemption benefit, enhancing its appeal further.
Dedicated resource for medical crises
In the event of a medical emergency requiring funds, you can take out the money you deposited into the policy. In this scenario, you return 95% of the total premium paid, which makes the plan very adaptable and beneficial.
Digital Service
The LIC Saral Pension Plan is available for online purchase as well. To do this, you can submit your application by going to the official website of Life Insurance Corporation of India at www.licindia.in.
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