Guaranteed Pension Lifetime: This LIC scheme returns FULL premium | Check premium, calculator, eligibility

Guaranteed Pension Lifetime: This is a plan in which you can get the benefit of pension by investing money at once. As soon as you purchase the plan, you will start getting the benefit of pension.

In today's fast-paced world that thrives on cut-throat competition, younger professionals have embraced an alternative view on retirement. Image Source: Reuters

Guaranteed Pension Lifetime: Who doesn't want a regular income in life? Although, most people would only consider retirement at the age of 60, the culture of today’s workforce is rapidly changing.

In today's fast-paced world that thrives on cut-throat competition, younger professionals have embraced an alternative view on retirement.

Young professionals wish to retire early with a regular income and travel abroad but how do you make it possible. In fact, after retirement too, the regular income stops, however, the expenses remain the same. This is a reason, most of the people start planning for their retirement during their job.

Today, we will discuss one such option which guarantees you regular income.

Life Insurance Corporation (LIC) offers various schemes for people across ages and and income-groups. The scheme which we will discuss offers guaranteed income as soon as you turn 40 and purchase the plan. You can get the benefit of pension every month by investing lump sump money in LIC's Saral Pension Scheme.

Let's discuss the details of the plan

LIC's Saral Pension Scheme is a non-linked, non-participating, single premium, immediate individual annuity plan. The entire premium has to be paid at once at the time of purchasing the plan, hence single premium. Immediate annual plans means the regular income will start as soon as you buy the plan.

Non- linked - Your premium amount will not be invested in equity markets. Your shares will be not be linked to share market.

Non-participating - Annual profits of the company will not be shared with the plan holders.

This is a plan in which you can get the benefit of pension by investing money at once. As soon as you purchase the plan, you will start getting the benefit of pension. In such a situation, you will not have to wait for 60 years to get the pension. You can start receiving pension only at the age of 40. The minimum age to invest in this policy is 40 years. At the same time, the maximum age to invest in this policy is 80 years.

LIC Saral Pension Scheme Eligibility

Minimum Age at Entry: 40 years (completed)

Maximum Age at Entry: 80 years (completed)

Minimum Purchase Price: Minimum Purchase price depends on the Minimum Annuity and also age of the Annuitant. However, there is no maximum purchase price limit.

Annuity mode	Monthly	Quarterly	Half-yearly	Annual
Minimum Annuity	Rs 1,000 per month	Rs 3,000 per quarter	Rs 6,000 per half-yearly	Rs 12,000 per annum

LIC Saral Pension Scheme Benefits

Option 1 - Single plan

The annuity payments will made as long as the Annuitant is alive. On death of the annuitant, 100% of purchase price is payable to the nominee.

Option 2 - Joint plan (Only spouse)

The annuity will be paid as long as the Annuitant and/or spouse are alive. On death of the last survivor, 100% of purchase price is payable to the nominee.