LIC Saral Pension Plan: This annuity scheme offers immediate pension benefits. Investors can start receiving a pension as soon as they start investing, without waiting to retire. This plan provides a regular income stream that ensures financial security in your golden years.
LIC Saral Pension Plan is an immediate annuity scheme that provides a steady income stream, ensuring financial independence during your retirement days. With the flexibility to start receiving a pension from age 40, you can enjoy a worry-free life without waiting until 60. Thus, let’s find out how much you need to invest if you want a Rs 64,000 annual pension with just a one-time investment.
What is LIC Saral Pension Plan?
LIC’s Saral Pension Plan is a simple and convenient way to get a steady pension. As soon as you purchase the policy, you’ll start receiving a regular pension. The great thing about this plan is that you don’t have to wait until retirement age to start getting benefits. You can start getting a pension as early as age 40.
Eligibility criteria
- Minimum Age at Entry: 40 years (completed)
- Maximum Age at Entry: 80 years (completed)
One-time payment, lifetime pension
This pension scheme has a simple and attractive feature: you only pay once when you buy the policy. After making this one-time payment, you’ll start receiving a regular pension immediately, and the amount you get in the first installment will remain the same for the rest of your life.
Choose your plan: Single Life or Joint Life
The Saral Pension Plan comes in two options: Single Life and Joint Life.
Single Life Plan
- Pension is paid to the policyholder as long as they live.
- After their death, the invested amount is returned to the nominee.
Joint Life Plan
- Covers both spouse and policyholder.
- Pension is paid to the primary policyholder during their lifetime.
- After their death, the spouse receives the pension benefit.
- After both pass away, the accumulated amount is given to the nominee.
Joint Life Plan
Pension amount and payment options
Under the Saral Pension Scheme:
- The minimum monthly pension is Rs 1,000.
- There is no maximum limit on the pension amount.
- The pension amount depends on the invested amount.
You can choose from the following pension payment options:
- Monthly
- Quarterly
- Half-yearly
- Yearly
- Your pension will be paid according to the option you choose.
Investment Age: 40 to 80 years
You can invest in this scheme anytime between 40 to 80 years of age and start receiving pension benefits immediately. If you invest in the Saral Pension Scheme at 40, you will start receiving pension benefits from that very age, which will continue for life.
What should be your investment amount to get Rs 64,000 annual pension?
According to LIC’s website, investing Rs 10 lakh at 60 years of age in the Saral Pension Plan will give an annual return of Rs 64,350. Also, if you’re 60 and your spouse is 55, opting for the Joint Life Plan will provide an annual return of Rs 63,650.
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