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While many of us might be worried about pension and retirement plans, very few know that there are plans that can pay you an immediate pension.

Saral Pension Yojana from Life Insurance Corporation of India is one such scheme. People who opt for the policy can get an immediate annuity.

The program is open to people between the ages of 40 and 80. The annuity can be paid monthly, quarterly, semi-annually or annually, depending on the choice of the annuitant. The minimum plan purchase price will also depend on the minimum annuity plan chosen.

There are two types of annuity options available under Saral Pension Yojana. Annuity payments will be made in arrears for as long as the annuitant lives, under the first option. Upon the person’s death, annuity payments will cease and the Annuitant’s legal/named heirs will receive 100% of the purchase price.

Under the second option, the pension will be paid as long as the annuitant or his spouse is alive. On the death of the last survivor, the legal/nominee heirs will be entitled to 100% of the purchase price and annuity payments will cease.

The plan can be purchased from the LIC website as well as offline. Those interested in the plan should note that they cannot change the annuity option they have chosen in the plan. Check plan details here.

According to information provided by LIC, the policy can be surrendered at any time after six months have passed from the start date, “if the Annuitant or the Annuitant’s spouse or one of the Annuitant’s children is diagnosed with the one of the illnesses in the appendix, on the basis of documents produced to the satisfaction of the Corporation’s medical examiner.

Upon surrender of the policy, the annuitant will receive 95% of the purchase price, subject to the outstanding loan amount and loan interest (if any) being deducted.

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