Life Insurance Corporation of India i.e. LIC is the largest and a reliable insurance company in India. Millions of people trust LIC.
This is the reason that LIC keeps on bringing out many new plans from time to time for its customers. At the same time, keeping in mind their financial condition, people take advantage of the policy of their choice.
One of these policies is LIC’s Saral Pension Scheme. This is a non-linked single premium scheme. In this, you have to pay the premium only once. After this, the Lifetime Policyholders get pension.
If you are also thinking of investing in this scheme, but you do not have much information about it, then there is no need to panic. Today we are going to give you information about this. Actually, this policy comes with two options, which are for single life and joint life. Any one of the two available options can be selected.
single life option
This pension is linked to an individual, which includes a life annuity with 100% return of purchase price. Till the pensioner is alive, he will continue to get pension under this plan. At the same time, after death, the base premium on which the policy was taken will be returned to their nominee. Apart from this, the tax deducted in it is not refunded.
joint life option
In this option, Saral Pension Plan is taken with the spouse. In this, the pension is linked to both the husband and wife. Whoever survives till the end of the two gets the pension. At the same time, the amount of pension received by one person while alive, the same amount is received by another person even after the death of one. If the second pensioner also dies, the base price is paid to the nominee.
special things
The special thing about this scheme is that the pension will start as soon as this policy is taken. At the same time, the policyholder also has the option of taking pension once every month, quarter, half year or year. The minimum annuity in this is Rs 12,000 per annum.
Further, the minimum purchase price will depend on the annual mode, option opted and the age of the investor. Actually, people from 40 to 80 years can buy this policy.
