Obtain a monthly pension of Rs 12,000 for life by investing in this scheme; check eligibility here

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New Delhi | Jagran Business Office: Are you looking for the best retirement plan for yourself that can help you relieve stress after retirement? Well, then you must know Saral Pension Yojana from LIC. In general, an individual begins to receive a pension when he retires, usually after the age of 60. However, under the Life Insurance Corporation of India’s Saral Pension Yojana, you can start drawing a pension even at the age of 40.

What is Saral Pension Yojana?

Saral Pension Yojana is an immediate annuity plan, i.e. you start receiving a pension as soon as you take out the policy. After taking out this policy, the amount you receive as a pension remains the same throughout your life.

In LIC’s Saral Pension Yojana, you only have to pay a premium once when taking out the policy and choose between two options to get an annuity. After that, you will continue to receive a pension for the rest of your life. At the same time, on the death of the insured, the amount of a single premium is paid to his representative.

Eligibility criteria

The minimum age to be part of this plan is 40 years old and the maximum is 80 years old. Also, the Saral pension policy can be surrendered at any time after six months from the start date.

When will the pension be paid?

You have 4 options for paying the pension under Saral Pension Yojana. Under this, you can make your payment monthly, every three months, every 6 months or every 12 months.

How much to invest?

There is no maximum limit under Saral Pension Yojana. According to the LIC calculator, if you are 42 years old and purchase an annuity of Rs 30 lakh, you will receive a pension of Rs 12,388 every month.

In the meantime, you can withdraw money deposited in Saral Pension Yojana if you suffer from a serious illness and need money for treatment. When the policy is surrendered, 95% of the base price is refunded. In addition, the option of taking out a loan is also offered under this scheme. You can apply for the loan after 6 months from the start of the program.

Posted by:
Sugandha Jha

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