New Delhi: India’s Life Insurance Corporation (LIC), the country’s largest insurer, offers several policies that allow investors to secure their retirement. In addition to impressive returns, investors get tax-saving options with the policies.
In most schemes, LIC allows investors to start saving small to build a corpus for their retirement. However, in the LIC Saral Pension Yojana, members have to invest a certain amount for one time to enjoy the monthly pensions.
Under the scheme, one can get a minimum pension of Rs 12,000 in a year. The plan offers investors to select the type of annuity from two available options by paying a lump sum. The plan is a ‘standard immediate annuity plan’.
Life annuity rates at LIC Saral Pension Yojana are guaranteed at the beginning of the policy. The insurer receives the debt throughout his life.
2 Options under LIC Saral Pension Yojana
Option 1 of LIC Saral Pension Yojana:
The option allows investors to select an annuity together with a return of 100% of the purchase price. The insurer makes annuity payments until the option beneficiary’s death. In the event of the death of the pensioner, the payment of the annuity is interrupted and 100% of the purchase price is paid to the nominees or legal heirs.
Option 2 of LIC Saral Pension Yojana:
The second option under the LIC Saral Pension Yojana offers a joint life annuity for the last survivor with a return of 100% of the purchase price upon the death of the last survivor. The option also ensures that the annuity amount is paid until the beneficiary and/or spouse are alive. Also Read: Noida: WeWork India Takes 6.6 Lakh Sqft Office Space On Lease To Expand Business
LIC Saral Pension Yojana Eligibility Criteria
Any Indian citizen between the ages of 40 and 80 can start investing in the LIC Saral Pension Yojana. Investors can select a minimum annuity per month of Rs 1,000 or Rs 12,000 per year. Also read: Sensex, Nifty fall for fourth consecutive session amid high volatility
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