LIC Saral Pension Plan: Life Insurance Corporation of India (LIC) has come up with a new pension scheme, Saral Pension. In this, policyholders can get pension throughout their life by paying premium once.
There are two options to get pension. One to receive pension for life and the other to be a joint life annuity with 100 per cent return of the purchase price on the death of the last survivor.
First Option
In the first option, annuity payments will be made in arrears as long as the policyholder is alive. On the death of the individual, annuity payments will stop immediately and 100 percent of the money will be payable to the nominee.
Second Option
In the second option, the annuity amount will be paid in arrears for as long as the individual or spouse is alive. Joint life annuity can be taken only with the spouse.
To buy a policy…
While the minimum age to buy a policy has been kept at 40 years, the maximum age has been set at 80 years.
Under Saral Pension, the annuity available can be paid monthly, quarterly or annually in future. LIC states in its policy document that annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the policyholder.
How to get a pension of Rs 58950
As an example, if a person aged 60 years invests Rs 10 lakh and opts for the annual annuity mode, he will get Rs 58,950.
The plan can be purchased offline and online through the official website of LIC – www.licindia.in .
