LIC Saral Pension Plan: One-time investment in this plan gives financial support starting at age 40
LIC Saral Pension Plan: Planning for retirement is an important aspect of financial stability as it allows one to enjoy a stress-free life in old age. Without sufficient money, individuals may find themselves dependent on others for basic needs. Therefore, it is prudent to start planning for retirement early by investing in schemes that provide regular income during old age.
LIC's Saral Pension Plan is an ideal solution in this regard. A key advantage of the Saral Pension Plan is that the person doesn't have to wait until the age of 60 to receive a pension; he/she can start benefiting from the age of 40. Here are the essential details about this scheme:
What is the Saral Pension Plan?
LIC Saral Pension Plan is an immediate annuity plan, which means a person starts getting a pension immediately after purchasing the policy. He/she just has to pay the premium once, and the pension amount the individual gets initially will continue for the entire lifetime. In case the policyholder passes away, the deposited amount is returned to their nominee.
Types of Plans: Single and Joint Life
The Saral Pension Plan offers two options: single life and joint life. In a single-life plan, the policyholder receives the pension as long as they are alive, and after their death, the investment amount is returned to their nominee. In a joint life plan, both husband and wife are covered. The primary policyholder receives the pension while they are alive, and after their death, the spouse continues to receive the pension. Upon the death of both, the deposit amount is given to the nominee.
Pension Amount
Under the Saral Pension Plan, an individual can receive a monthly pension starting from Rs 1,000, with no upper limit. The pension amount depends on the investment. The person has the flexibility to choose the frequency of his/her pension payments, whether monthly, quarterly, half-yearly, or yearly, based on preference.
Eligibility and Benefits
An individual can invest in the Saral Pension Plan anytime between the ages of 40 and 80. If a person invests at 40, he/she starts receiving a pension immediately, providing a lifelong financial benefit.
Loan Facility
This plan also offers a loan facility, available six months after purchasing the policy. In case of an emergency, you can surrender the policy after six months to access the funds.