LIC’s Saral Pension Scheme-Everyone saves some part of their earnings and wants to invest it in such a place where their money is not only safe but also gets excellent returns. Some people choose schemes as a retirement plan, in which after retirement they get a fixed amount of money every month and they do not have to depend on anyone.
Introduction to LIC’s Saral Pension Scheme
Life Insurance Corporation (LIC), the country’s largest government insurance company, has policies for people of every age group. One of these is LIC Saral Pension Plan, which guarantees pension every month once invested.
Viewing this scheme on the LIC website shows that it is a great option to ensure regular income even after retirement. Its specialty is that you have to invest only once and then you keep getting pension every month throughout your life.
Popular as a retirement plan
What makes LIC’s Saral Pension Scheme special is that it requires only one-time investment and the pension is arranged for the whole life. This is the reason why LIC Saral Pension Plan is very popular as a retirement plan. This scheme, which gives fixed pension every month, fits perfectly into post-retirement investment planning.
Suppose any person has recently retired. If he can invest the money received from PF fund and gratuity during retirement, then he will continue to get the benefit of pension every month for the rest of his life. With this he will not have to depend on anyone else.
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Minimum assured monthly pension of Rs 12,000
In LIC Saral Pension Plan, you can buy annuity of at least Rs 12,000 annually. However, no limit on maximum investment has been set in this plan, that is, you can invest as much as you want and get pension according to that investment.
In this scheme, any person can get pension on annual, half yearly, quarterly or monthly basis once the premium is paid. He buys annuity from this lump sum investment only. According to LIC calculator, if any 42 year old person buys annuity of Rs 30 lakh, then he will get Rs 12,388 as pension every month.
That is, if you want, you can get a reasonable amount as pension every month even by investing a small lump sum in LIC Saral Pension Plan. If you invest more, the pension amount will also increase accordingly. But the minimum guarantee of Rs 12,000 monthly remains in this scheme.
Husband and wife can also take LIC Saral Pension Scheme together.
LIC Saral Pension Scheme can be bought by a person between the age of 40 years to 80 years. You can take this scheme alone or along with husband and wife. For example, if both husband and wife are retired and have some savings, then both of them can invest together in this scheme.
This will provide them with a regular source of income even after retirement and they will not be dependent on anyone else. Also, as long as they are alive, they get a fixed amount every month as monthly income.
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