The Life Insurance Corporation of India (LIC) has come up with a plan to provide pensions from the age of 40 onwards. By joining LIC's Saral Pension Scheme, you can be entitled to get a lifelong pension.
About LIC's Saral Pension Scheme
The condition of this scheme is that instead of monthly, a lump sum amount has to be paid. The person enrolling in this policy will get a lifelong pension. Not only that, if the person taking this plan requires a loan, then the facility of the loan will also be provided after 6 months from the start of the policy.
Features of LIC's Saral Pension Scheme
It has all the features that were not there in the earlier plans. You can take the pension every month, quarterly, half-yearly, or annually by depositing a lump sum amount at any time from the age of 40 years to 80 years.
The pension scheme will be linked to any one person. As long as the pensioner is alive; they will continue to get a pension. After that, the nominee will get a base premium.
The second pension scheme is being given for joint life. In this, the spouse who survives for the longest time gets a pension. When both of them are no more, then the nominee will get the base price. In this plan, the policyholder will get the loan at any time after 6 months from the date of commencement of the policy.
If you are 40 years old and you have deposited a single premium of Rs 10 lakh, then you will start getting Rs 50250 annually i.e. monthly Rs 4187 which will be available for life.
Apart from this, if you want your deposited amount back in the middle of the policy, then in this situation you will get back the deposited amount after a deduction of 5%. For further information, you can log on to the official website of LIC or visit their nearest office and find complete details. These pension schemes can be taken both online and offline.
