The Life Insurance Corporation of India describes LIC Saral Pension Plan as a basic solution which creates retirement security. Through its role as an immediate annuity plan this program generates continuous payouts to support your retirement independence.
The pension benefit from LIC Saral Pension Plan starts at age 40 which lets you live without stress before reaching 60 years old. The following information explains how much investment you require for a Rs 64,000 annual pension.
The Saral Pension Plan From LIC Is An Insurance Product
The Saral Pension Plan from LIC functions as an immediate annuity service. The policyholder initiates pension payment at the moment of policy purchase. You will receive pension benefits immediately after policy purchase and independence from waiting until age 60. The plan allows pension distributions starting from your 40th year.
Eligibility Criteria
Subscribers who have turned 40 can start the application process.
The scheme allows entry for members between 40 and 80 years of age as completed.
One-Time Payment, Lifetime Pension
The distinct feature of this pension scheme allows customers to pay premiums only once at policy purchase. You get a pension immediately post premium payment with a benefit that lets you receive the same first installment payout throughout the rest of your life.
You have the option between either Single Life coverage or Joint Life benefits.
Saral Pension Plan contains two plan options including Single Life and Joint Life.
Single Life Plan
The beneficiary receives the pension until their death.
When the life assured dies their invested funds get repaid to the person designated as the nominee.
Joint Life Plan
Covers both spouse and policyholder.
The main policyholder gets pension payments throughout their entire life span under this plan.
The surviving spouse becomes entitled to receive pension benefits after the policyholder passes away.
Thanks to both plan participants passing away, the collected money will be delivered to the designated nominee.
Pension amount and payment options
Under The Saral Pension Scheme
The least amount of monthly pension under this plan starts at Rs 1,000.
Under the Saral Pension Scheme there exists no restriction regarding the pension payment amount.
Renewed pensions are determined by investment capital amounts.
You Can Select Between Monthly, Quarterly, Half-Yearly And Yearly Pension Payment Options When It Comes To This Plan
Monthly
Quarterly
Half-yearly
Yearly
The pension payment system depends on which payment option you selected at the time of pension arrangement.
To Receive An Annual Pension Worth Rs 64,000 You Need To Determine The Appropriate Amount Of Investment
Based on LIC’s website data there is a payback of Rs 64,350 annually from the basic Rs 10 lakh investment in the Saral Pension Policy at 60 years old. With a Joint Life Plan set up for a 60-year-old person together with a 55-year-old spouse the policy can deliver yearly payments of Rs 63,650.
Investment Age: 40 to 80 years
The scheme allows new investments between the ages of 40 to 80 years where pension benefits start right after installation. With a Saral Pension Scheme investment at 40 years old you will begin getting pension payments right away and they will continue until death.
Also Read: Jeevan Bharati: LIC’s Specialized Insurance Plan For Women’s Financial Safety And Well-Being
