new Delhi. Government life insurance company Lic has launched its most luxurious pension scheme in the market. One-time investment in the Saral Pension Yojana, which started on March 1, 2022, will get a lifetime pension after retirement.
According to the website of Lic, anyone above 40 years of age can buy this plan, while the maximum age limit is 80 years. It can be bought jointly for both husband and wife, in which pension will start after 60 years. As long as either of the spouses is alive, pension will be given and in the absence of both, the deposited funds will be returned to the nominee.
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4 options for payment
The purchaser of the pension plan is given four options for payment on behalf of the company. If you want, you can take pension every month or this amount can be taken on quarterly, half yearly or even yearly basis. Under the scheme, you will be given a monthly pension of at least 1,000 thousand, while there is no maximum limit. The more amount you buy the plan, the more pension will be given.
The company has created 5 price bands
The lowest amount insurance plan will come below Rs.2.
The second price band will be from Rs 2 lakh to Rs 5 lakh.
In the third price band, you will be able to buy a plan of 5 lakh to 10 lakh.
In the fourth price band, investment will be from 10 lakh to 25 lakh.
The last plan will be more than 25 lakhs.
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You can take loan against the policy
The loan facility will be available from the company on behalf of the company only after 6 months of purchasing the policy of Saral Pension Yojana. The loan amount will be decided on the basis of the pension you get. The interest on the loan should not exceed 50% of the pension you will receive. In the joint scheme, the loan will be given only to the first beneficiary and in his absence, the second beneficiary will be able to take the loan.
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If the policy is surrendered…
If the company surrenders due to critical illness as specified in the policy, then the company will pay 95 percent of the total fund value. This means that if you have got a policy of Rs 10 lakh, then you will get back Rs 9.5 lakh on surrender. However, if a loan has been taken on it, then the principal amount and interest of the loan will be deducted to you.
Tags: Life Insurance Corporation of India (LIC), retirement savings
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