People working in the private sector often worry about life after retirement. They usually build a retirement fund but lack regular monthly income. To solve this problem, many invest in different pension schemes.
But there’s one LIC plan that most people don’t know about—it offers lifetime pension starting at age 40, and you only need to pay the premium once. Here’s all you need to know about this unique plan:
1/7 – What is This LIC Plan?
This plan is called the LIC Saral Pension Plan. It is an immediate annuity scheme, meaning your pension starts as soon as you purchase the policy.
2/7 – Pay the Premium Just Once
The best part? You need to pay the premium only once at the time of purchase. After that, you receive a fixed pension for life, starting immediately after buying the policy.
3/7 – Eligible Age: 40 to 80 Years
You can invest in this plan anytime between age 40 and 80. If you buy it at age 40, your pension will start right then and continue for life.
4/7 – Choose Between Single and Joint Life Options
There are two ways to buy this plan:
Single Life: The policyholder receives a pension for life. After their death, the original investment is returned to their nominee.
Joint Life: Both husband and wife are covered. The pension goes to the primary policyholder first.
After their death, the spouse continues to receive the pension. When both pass away, the investment is given to the nominee.
5/7 – How Much Pension Can You Get?
The minimum monthly pension you can receive is ₹1,000, and there is no upper limit. Your pension depends on how much you invest.
You can choose to receive it monthly, quarterly, half-yearly, or yearly, based on your preference.
6/7 – Example: ₹10 Lakh Investment at Age 60
According to LIC’s official website:
If you invest ₹10 lakh at age 60, you will get an annual pension of ₹62,300.
In a joint plan, if you’re 60 and your spouse is 55, you’ll get ₹61,600 per year.
7/7 – Loan and Surrender Facility
This plan also offers a loan option. After 6 months, you can apply for a loan. If needed, you can also surrender the policy after 6 months.
