If you are thinking of getting a Pension Scheme, then Life Insurance Corporation of India (LIC) has come up with a great plan for you. You will have to pay premium only once while taking this policy. Also, after this you will continue to get pension for life. This scheme is called Saral Pension Yojana. LIC Simple Pension Plan is a single premium plan. It starts from 1st July.
There are two types of LIC simple pension plans. The first is Life Annuity with 100% Return of Purchase and the second is Pension Scheme Joint Life. In single life the policy will be in the name of a single person. The pensioner will get the benefit of pension as long as he is alive. Also after that the nominee will get base premium. Both the husband and wife get cover in the joint life scheme. In this, husband and wife get pension as long as they are alive. When both are absent, the nominee will receive a base price.
What is special about this scheme?
- The pension will start immediately after the policyholder takes the policy.
- It is up to you whether you want a pension every month, quarterly, every six months or every year. You must select this option.
- You can avail this pension plan both online and offline.
- Under this scheme, you will get a minimum pension of Rs. 12,000 per annum. There is no maximum investment limit. You get a pension the way you invest.
- This scheme is for people in the age group of 40 to 80 years.
- In this plan, the policyholder can avail the loan at any time after six months from the date of commencement of the policy.