Updated January 5th, 2024 at 18:08 IST
Pension Plan: This single premium plan can get you Rs 50,000 pension - Details here
This single premium plan promises a lifetime of financial security, with a unique set of features and benefits for policyholders, know more in details
LIC (Life Insurance Corporation) introduces a groundbreaking pension scheme, the Saral Pension Yojana. This single premium plan promises a lifetime of financial security, with a unique set of features and benefits for policyholders.
Overview: LIC's Saral Pension Yojana is a single premium pension plan designed to provide customers with a steady income stream during their retirement years. The policy ensures a hassle-free experience, requiring only a one-time payment for a lifetime of benefits. Let's understand the key aspects of this plan.
Single Premium Plan:
- One-time payment at the policy's inception.
- No recurring premiums for the entire policy tenure.
- Pension payments commence immediately upon policy initiation.
- Policyholders start receiving regular pension amounts based on their selected premium.
Lifetime Pension Benefits:
- Guaranteed pension for the entire life of the policyholder.
- Nominee receives the single premium amount in case of the policyholder's demise.
- Surrender option available after six months from policy inception.
- Minimum age for eligibility: 40 years; maximum age: 80 years.
Minimum Monthly Pension:
- Option to receive a minimum pension of Rs 1000 per month.
- Example: A 40-year-old individual deposits a single premium of Rs 10 lakh.
- Annual pension: Rs 50,250.
- Full flexibility to withdraw the deposited amount with a 5% deduction, if needed.
- Policyholders can avail themselves of a loan facility against the policy.
- Funds can be utilized for medical treatments or other financial requirements.
- A list of serious illnesses is provided, ensuring comprehensive coverage.
- Steady pension income for a worry-free retirement.
- Lifetime financial protection for policyholders and their nominees.
- Policyholders can leverage the policy for loans in case of serious illness or emergencies.
- Withdraw funds partially, with a 5% deduction, if needed before policy maturity.
LIC's Saral Pension Yojana emerges as a beacon of financial stability, offering a unique blend of lifetime pension benefits, flexibility, and accessibility. With the assurance of a steady income stream, policyholders can embark on their retirement journey with confidence. This single premium plan from LIC stands as a testament to the company's commitment to providing innovative and customer-centric financial solutions.
Published January 5th, 2024 at 18:08 IST