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LIC Policy: LIC’s great plan, premium will have to be paid only once, pension will be available for life

LIC Policy: Saral Pension Plan of Life Insurance Corporation of India (LIC) is a non-linked single premium scheme. Under this plan, premium has to be deposited only once and after that the lifetime policyholders get pension. Saral Pension Plan can also be taken with spouse. Know about this policy:-

Policyholders will get two options

  • Under this scheme of LIC, policyholders can choose any one of the two available options.
  • The first option includes life annuity with 100% return of purchase price.
  • This pension is for single life. This means that this pension will be linked to any one person.
  • As long as the pensioners are alive, they will continue to get pension under this plan.
  • After the death of the pensioner, the base premium paid for taking the policy will be returned to his/her nominee.
  • Tax deducted in this option is not refundable.

second option

  • The second option is for Joint Life.
  • In this option, the pension is linked to both the husband and wife.
  • Whoever survives till the end of the spouse, they get pension.
  • As much pension as one person will get while alive, the same pension amount is received by the other spouse for life after the death of one of them.
  • In the event of the second pensioner also leaving the world, the nominee is given the base price that was paid at the time of taking the policy.

Special features of Saral Pension Yojana

  • In this scheme, the pension will start as soon as the policy is taken.
  • The policyholder has the option to take pension every month, quarter, half yearly or once in a year.
  • This plan can be purchased offline or online.
  • The policy can be purchased online from the website licindia.in. ,
  • The minimum annuity in the plan is Rs 12,000 per annum.
  • The minimum purchase price will depend on the annual mode, option opted and the age of the policy taker.
  • There is no maximum purchase price limit in this plan.
  • People in the age group of 40 to 80 years can buy this scheme.
  • To take advantage of monthly pension, at least one thousand rupees will have to be invested in the month.
  • For quarterly pension, at least 3 thousand will have to be invested in a month.

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