Everyone wants his old age to pass without any financial trouble and for this, he resorts to savings. But, any big or sudden expenditure can create a hindrance in this plan. In such a situation, there are many such investment plans, which can eliminate the tension of old age. One such scheme is the Saral Pension Scheme of the Life Insurance Corporation of India (LIC), in which you can get a lifetime pension only after investing once.
Pension will start getting from 40 years only
If you also want that you continue to get the benefit of a good pension throughout your life, then this policy of Life Insurance Corporation of India i.e. Insurance Corporation of India (LIC) can be very useful for you. To put it simply, this policy gives you a lifetime pension.
There will be no tension of money in old age, this policy of LIC will give a pension for life.
The special thing is that as soon as you invest in this policy, your pension starts from that time. That is, you do not have to be 60 years old for a pension, in this pension will start getting from the age of 40.
You have to invest only once
In LIC’s Saral Pension Plan, you do not need to invest every month, every quarter, every half year, or yearly, but you have to deposit the amount only once. After this lump sum investment, you will continue to get a pension for the rest of your life. You can take this pension every month, every 3 months, every 6 months, or on an annual basis. Meanwhile, if the policyholder dies, the entire investment amount will be given to the nominee.
Surrender facility in six months
Talking about the age limit for taking this policy, then a person from the age of 40 to 80 years can buy this policy. Apart from this, if the policyholder wants, he can surrender it anytime after 6 months from the date of commencement of the policy. Apart from a pension, if you talk about other benefits of this plan, then you also get a loan facility in it. Under the Saral Pension Yojana, the policyholder can also take a loan after six months.
The Complete Mathematics of Investment and Pension
There is no maximum limit for investment in this policy. If we talk about the mathematics of investment and pension, then any 60-year-old person invests a lump sum of Rs 10 lakh in this scheme and chooses the annual pension option. So he will get Rs 58,950 every year for the rest of his life. Apart from this, if a 42-year-old person buys an annuity of Rs 30 lakh, then he will get Rs 12,388 as a pension every month.
Two options to choose the policy
Saral Pension Yojana can be bought in two options. Under this, if you choose the Single Life Plan option, then the policyholder will continue to get a lifetime pension. In the meantime, if he dies, then the entire base premium amount will be paid in a lump sum to the nominee as recorded in the documents.
On the other hand, if you choose a Joint Life Plan, then both husband and wife will be entitled to a pension in this. That is, after taking the plan, as long as the primary policyholder is alive, he will get a pension and if he dies, then his wife will start getting the same pension. In case of the death of both, the base premium will be given to the nominee.