LIC New Pension Scheme: This scheme of LIC is an Immediate Annuity Plan. This means that the pension will start as soon as the policy is taken. The pensioner has the option to take pension every month, quarterly, half-yearly, or take it once a year.
Life Insurance Corporation of India (LIC) has launched Saral Pension Scheme. This is a non-linked single premium scheme. Under this plan, the policyholder has to pay the premium only once. After this, the policyholder gets a pension for the whole life.
This is an Immediate Annuity plan as per the guidelines of Insurance Regulator IRDAI. LIC has told about this policy that this plan has the same terms and conditions for all life insurers. Under this scheme of LIC, the policyholder can choose any one of the two available annuity options. In this scheme, a loan can also be availed after 6 months from the date of commencement of the policy.
First option of Saral Pension Yojana
There are two options to opt for LIC Saral Pension Plan. First, Life Annuity With 100 return of purchase price. This pension is for single life, that is, the pension will be linked to one of the spouses, as long as the pensioner is alive, he will continue to get the pension. After his death, the base premium paid for taking the policy will be returned to his nominee.
Another option of Saral Pension Yojana
The second option is given for Joint Life. This pension is linked to both husband and wife. In this, the spouse, whoever survives till the end, continues to get a pension. As much pension as one person will get while alive, the same pension amount continues to be received by the other spouse for life after the death of one of them. When the second pensioner also leaves the world, the nominee is given the base price that was paid at the time of taking the policy.
Immediate Annuity Plan
This plan of LIC is an Immediate Annuity Plan. This means that the pension will start as soon as the policy is taken. The pensioner has the option to take pension every month, quarterly, half-yearly, or take it once a year. Whichever option is chosen, the pension will start in the same way.
How to buy
- You can buy this plan both online and offline. Can be purchased online from the website of www.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 of 40 years to 80 years can buy this scheme.
- If you want to take advantage of a monthly pension, then at least one thousand rupees will have to be invested in the month.
- Similarly, for quarterly pension, at least 3 thousand will have to be invested in a month.
