There is a time in every person’s life when the earnings stop but the expenses continue – that time is of retirement. In such a situation, if you have not already made a plan, then there is sure to have financial problems in old age. Keeping this in mind, Life Insurance Corporation of India (LIC) has introduced a special scheme – LIC SARAL PENSION PAN, which can make your every month’s expenses easier after retirement.
Once investing in this scheme, you get the benefit of lifetime pension. Let’s know the special things of this scheme and what 5 important things should be kept in mind before investing in it.
1. People between the ages of 40 to 80 years can take advantage
LIC Saral Pension Scheme is an immediati annuity plan, in which you have to deposit the entire amount at once, and then start getting pension immediately. The most special thing about this scheme is that people from 40 years to 80 years can invest in it. That is, if you have become 40 and want to start planning for retirement, then this is a great option.
2. Two options: single and joint life
In this scheme you get two options:
Single Life Options: In this, the policyholder gets pension throughout his life. After death, the policy is closed and the deposit amount is given to the nominee.
Joint Life Options: In this option, both husband and wife are covered. After the death of the policyholder, the pension is received by the spouse. After the death of both, the nominee is given the amount.
This option is better for those who also want to ensure the future safety of their spouse.
3. Pension amount depends on investment
The amount of pension received in this scheme depends directly on your investment. That is, the more investment, the more pension. For example:
If you have invested ₹ 10 lakh at the age of 60, then you get ₹ 64,350 pension annually.
If you have chosen it as a monthly pension, you will get more than ₹ 5,300 pension every month.
At the same time, in joint life option, if the policyholder is 60 years old and the spouse is 55 years old, then you can get ₹ 61,600 pension annually.
4. Loan facility is also available
LIC Saral Pension Plan has another great feature – Lon’s facility. If you have any necessary expenses after 6 months of taking the policy, then you can take a loan under this scheme. This option is beneficial for those who may require money for casual needs.
5. Facility to choose the method of pension payment
Another feature of this scheme is that you can decide the way of payment of pension yourself:
Monthly
Quarter
Half
Annual
With this you can get pension according to your monthly budget and needs.
