Saving money has become important for everyone. People plan while working to address financial concerns during retirement. Unfortunately, not all jobs provide a pension system. By investing in this plan, you can secure a monthly pension of 12,000 rupees. This initiative is offered by the Life Insurance Corporation of India (LIC) under the LIC Saral Pension Plan. Let’s break down how to secure that Rs 12,000 monthly pension.
LIC Saral Pension Plan overview
Afterward, you’ll receive a monthly pension of Rs 12,000. This plan is available to individuals over the age of 40, with Indian citizens eligible to invest until they turn 80. It’s important to note that you must purchase an annuity through this policy. The minimum annuity amounts are 3,000 rupees for a quarter, 6,000 for six months, and 12,000 for a full year. For a monthly pension, you’ll need to buy an annuity worth 1,000 rupees, and for an annual pension, an annuity of Rs 12,000 is required. If someone works in the private or government sector and decides to invest their PF fund and gratuity before retiring, they can enjoy a pension for life.
How To Secure A Pension Of Rs 12,000 With Saral Pension Scheme?
With the LIC Saral Pension Scheme, investors can obtain an annuity that provides at least Rs 12,000 per year through the annuity purchase. Investors have unlimited freedom when it comes to their financial contributions to this plan. The payment system of this plan allows you to receive periodic benefits through annual or semi-annual, quarterly, or monthly pension payments following a single premium payment. A 42-year-old individual investing Rs 30 lakh using the LIC calculator can expect to get Rs 12,388 per month, according to their results.
(Disclaimer: This article is for informational purposes only and not an investment advice. Prior to making an investment or taking a loan, conduct thorough research and consult with your financial advisor.)
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