In view of rising inflation, everyone wants to invest some part of their earnings in a place where they can get good returns in future. People, especially retired people, often look for safe investment options that can generate regular income. In this context, LIC Saral Pension Scheme is considered an excellent option. One of the main features of this scheme is that investment has to be made only once, after which the policyholder gets pension for life.
**Single-Premium Plan**
LIC Saral Pension Plan is a single-premium pension plan, which means the investment amount has to be deposited only once. Once invested, the policyholder receives a fixed pension throughout his life. It is specially designed to ensure regular income after retirement. A major advantage of this scheme is that the pension amount decided initially remains constant throughout the lifetime of the individual. If a person invests his PF or gratuity fund in this scheme, pension payment can start immediately after investment.
**Joint option for husband and wife**
Individuals between the age group of 40 to 80 years are eligible to invest in LIC Saral Pension Scheme. The policy can be purchased individually or jointly by spouses. This scheme gives the benefit of guaranteed pension. The special thing is that in this scheme the facility of surrendering the policy is also available; Surrender is allowed after six months from the inception of the policy. Additionally, the policyholder can apply for a loan against the policy after six months, if required.
**Death Benefit**
On the death of the policyholder, the original invested amount is returned to the nominee. This scheme allows purchasing an annuity with a minimum annual payout of ₹12,000, while there is no upper limit on the investment amount. Here’s how you can get a monthly pension of more than ₹21,000.
According to LIC calculator, if a 40 year old person invests a lump sum of ₹40 lakh in this scheme, he can get a pension of ₹2,62,453 per year. This means that he will get a regular monthly pension of approximately ₹21,871. This scheme can be a good option for those who want to receive regular income after retirement.