Jeevan Saral Pension Plan: If you are thinking of taking a pension plan for yourself, then you can look at the Jeevan Saral Pension Plan of the country’s largest company LIC.
Jeevan Saral Pension Plan: If you are thinking of taking a pension plan for yourself, then you can look at the Jeevan Saral Pension Plan of the country’s largest company LIC. Under this plan, you have to deposit money only once and then after retirement you will be able to get a pension of at least 12 thousand rupees annually for life. This pension amount depends on the purchase value of the plan. Apart from this, pension can be chosen on monthly, quarterly, half yearly and yearly basis.
The terms and benefits of pension plans of different insurance companies are different, due to which common people find it difficult to choose the best plan for themselves. Keeping this in mind, the Insurance Regulatory of India (IRDA) had instructed all the insurance companies to start Saral Pension Scheme, whose main objective was to buy this plan from any insurance company, the terms and conditions would remain the same. LIC had started Jeevan Saral Pension Scheme on 1st April 2022 last year with regard to this. Let us know what are the features and benefits of LIC’s Saral Pension Scheme.
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Highlights of LIC’s Saral Pension
- This is a Standard Immediate Annuity Plan.
- The policyholder can choose between two annuity plans by purchasing the plan in lump sum. Under the first option, the insured will continue to get pension for life and after his death, the pension will stop and 100% of the purchase price will be paid to the nominee. Under the second option, pension will be paid to the insured and his spouse till the survival of either of them and after the death of both the pension will stop and 100% of the purchase price of the policy will be paid to the nominee or heir.
- This plan can be bought both online and offline.
- People in the age group of 40-80 years can buy this plan.
- Under the plan, there is an option of pension of at least Rs 1 thousand every month, Rs 3 thousand quarterly, Rs 6 thousand half yearly and Rs 12 thousand annually.
- The minimum purchase price of the policy depends on the minimum annuity, the option opted and the age of the policyholder. There is no limit on the maximum purchase price. Annuity refers to the amount that the insurance company provides to the customer at a fixed time interval in return for the deposit money.
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- You can surrender the policy after six months of purchase. On surrender, 95 percent of the purchase price will be refunded and if there is any loan taken against the policy, then after deducting it, the remaining amount will be returned.
- Loan can be availed after six months of buying the policy.
- If you do not like the policy, you can withdraw it within 15 days from the date of issue of the policy bond. In case of buying a policy online, this free look period is 30 days.
Understand how much pension will be received by example
Let’s assume that a person has bought this plan at the age of 60 and the age of his spouse is 55 years. In such a situation, if the insured buys a simple pension plan for 10 lakhs (excluding tax) under the first option, then he will continue to get a pension of Rs 51650 for life and after his death 100% purchase price will be paid to the nominee. On the other hand, if the policyholder has bought this plan under the second option i.e. joint life option, then he or his spouse survives till both of them, he will continue to get pension of Rs 5,150 for life and after the death of both. The entire purchase amount will be paid to the nominee/legal heir.
(Input: LIC Webiste)
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