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.

Key Features:

Single Premium Plan:

• One-time payment at the policy's inception.
• No recurring premiums for the entire policy tenure.

Immediate Annuity:

• 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.

Flexibility:

• 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.

Pension Calculation:

• 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.

Loan Facility:

• 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.

Advantages:

Financial Security:

• Steady pension income for a worry-free retirement.
• Lifetime financial protection for policyholders and their nominees.

Loan Accessibility:

• Policyholders can leverage the policy for loans in case of serious illness or emergencies.

Partial Withdrawal:

• 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.