All you need to know about LIC Saral Pension Plan for Senior Citizens
By Lokmat English Desk | Published: November 25, 2022 05:52 PM2022-11-25T17:52:37+5:302022-11-25T17:52:37+5:30
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A retirement plan or pension program is designed to meet your financial requirements and needs following retirement, such as emergency medical situations, household expenses as well as other living expenses. Purchasing the most suitable retirement plan is vital to protecting your golden years.
This is why LIC recently launched LIC Saral Pension 2021. Continue reading this article to know why LIC’s Saral Pension Plan is an Ideal pension scheme for Senior Citizens.
This is an individual immediate and non-linked annuity policy. A policy buyer can only buy after paying a lump sum amount to receive a set payment at specified intervals for his/her lifetime
The objective of LIC to design this policy is to offer annuity returns of a set amount throughout the annuitant's lifetime.
Annuity payments will be paid in arrears until the time the annuitant is alive, by the method of payment. If the annuitant dies, the annuity payment will be stopped immediately, and 100 percent cent of the purchase price will be paid to the nominee(s)/legal beneficiaries.
After six months of purchasing the plan, it is possible to avail of a loan on the Saral Pension Scheme. With the joint-life annuity alternative, the loan could be taken by the annuitant. Upon the passing away of the annuitant, the loan can be taken by the spouse.
The policy can be returned within 15 days (30 days if the policy is purchased over the internet) after the date of receiving the policy receipt with the reasons for your displeasure and/or objections to the policy. After LIC receives the policy receipt, they will cancel the policy. The premium paid by you will be returned to you after deducting costs for stamp duty and annuity paid (if any).
