Offers a variety of policies for people of all ages. While most pension schemes start at the age of 60 years, LIC through its Saral Pension Yojana offers a special opportunity to get a pension from the age of 40 years.
Salient Features of the Scheme
Age Limit: The scheme is available for individuals in the age group of 40-80 years.
Immediate Annuity: With Saral Pension Plan, you start getting your pension immediately after the policy is issued.
One-Time Premium: Pay the premium only once at the time of purchasing the policy.
Nominee Benefit: In case of the unfortunate death of the policyholder, the deposit amount is returned to the nominee.
Surrender Option: The policyholder can choose to surrender anytime after 6 months from the inception of the policy.
Single Life or Joint Account
Single Life: As long as the policyholder is alive, he will continue to get the pension. On his death, the investment amount is returned to the nominee.
Joint Life: Suitable for couple, a pension is provided to the policyholder as long as they are alive. After his demise, the spouse continues to receive the pension. If both of them die then the amount deposited is given to the nominee.
Flexible Pension Option
Minimum Pension: Under the Saral Pension Yojana, you can avail a minimum monthly pension of Rs 1000.
No upper limit: There is no upper limit on the pension amount depending on the amount invested.
Frequency: Choose from monthly, quarterly, half-yearly and annual pension options.
