LIC Special Scheme: Ensuring financial stability after retirement is essential in modern times. Making wise investments that yield consistent returns is one efficient method to do this. India’s largest government insurance provider, Life Insurance Corporation (LIC), provides a variety of services to suit various age groups and requirements. The LIC Saral Pension Plan is a noteworthy policy that is well-liked by people looking for a dependable retirement plan. This plan is ideal for post-retirement financial planning since it just requires a one-time deposit and ensures a fixed monthly pension.
One-Time Investment for Lifelong Pension
What sets the LIC Saral Pension Plan apart is its simplicity and effectiveness. With a single investment, you can secure a steady monthly income for life. This feature makes it an attractive option for retirees looking to invest their Provident Fund (PF) and gratuity funds to ensure a stable monthly income without depending on anyone else.
Flexible Investment and Guaranteed Returns
The LIC Saral Pension Plan requires a minimum investment of Rs 12,000 per annum, but there is no upper limit. This means you can invest as much as you want and receive a pension proportional to your investment. The plan offers flexibility in how you receive your pension: annually, semi-annually, quarterly, or monthly. For example, according to the LIC Calculator, a 42-year-old investing Rs 30 lakh would receive a monthly pension of Rs 12,388.
Eligibility and Purchase Options
The LIC Saral Pension Plan is available to individuals between the ages of 40 and 80. You can purchase the policy either individually or jointly with your spouse. The plan also offers the convenience of surrendering the policy anytime after six months from the policy start date, ensuring liquidity when needed. Additionally, in the unfortunate event of the policyholder’s death, the invested amount is returned to the nominee, ensuring that your loved ones are financially secure.
Loan Facility for Extra Financial Flexibility
The loan facility offered by the LIC Saral Pension Plan, which becomes accessible six months after the policy begins, is another attractive aspect. This provision gives policyholders more financial flexibility by enabling them to cover unanticipated costs without jeopardising their monthly income.
Consistent Pension Amount for Life
The pension amount’s consistency is one of the main advantages of the Saral Pension Scheme. Your pension is a stable source of income since once you begin receiving it, the amount won’t alter throughout the course of your lifetime.
Go to www.licindia.in, the official LIC website, to learn more about the LIC Saral Pension Plan.
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