This plan is especially popular as a retirement plan because it fits perfectly into post-retirement investment planning by providing a fixed monthly pension.
In today's times, everyone is investing a portion of their income. From the stock market to government schemes, people are putting their money in various places. A significant number of people prefer investing in LIC and Post Office schemes due to the low risk involved. These schemes cater to different purposes, with some individuals selecting plans specifically for retirement to ensure a fixed monthly income. One such plan offered by LIC provides a guaranteed amount upon retirement.
LIC Saral Pension Plan
The LIC Saral Pension Plan is a scheme that guarantees a monthly pension upon retirement. The unique feature of this plan is that it requires only a one-time investment, and you will receive a pension for the rest of your life. This plan is especially popular as a retirement plan because it fits perfectly into post-retirement investment planning by providing a fixed monthly pension. Whether you work in the private sector or a government department, you can invest the money from your PF fund and gratuity amount into this plan before retirement to enjoy lifelong monthly pension benefits.
Features of LIC Saral Pension Plan
One of the notable features of the LIC Saral Pension Plan is that individuals below 40 years cannot invest in it. However, anyone up to the age of 80 can invest at any time. Under this policy, you need to purchase a minimum annuity of Rs 1,000 monthly. Alternatively, you can opt for a minimum of Rs 3,000 quarterly, Rs 6,000 semi-annually or Rs 12,000 annually.
How to receive a monthly pension of Rs 12,000
In the LIC Saral Pension Plan, you can purchase a minimum annual annuity of Rs 12,000. There is no upper limit to the investment in this policy, allowing you to invest as much as you wish and receive proportional pension benefits. After a single premium payment, you can receive your pension annually, semi-annually, quarterly, or monthly.
Using the LIC Calculator, if a 42-year-old individual purchases an annuity of Rs 30 lakh, they would receive a monthly pension of Rs 12,388.
Loan facility
The policy also includes a loan facility. If a family member falls seriously ill, you can surrender the policy after six months. Additionally, you can take out a loan against the policy after six months from its commencement. To purchase this plan online, visit LIC's official website at www.licindia.in.
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