Life Insurance Corporation of India (LICI) has launched Saral Pension Scheme from 1st July.
Life Insurance Corporation of India (LICI) has launched Saral Pension Scheme from 1st July. It is a single premium plan in which you have to pay the full premium only once while taking the policy. After this, you will get a fixed pension amount for the whole life.
Its specialty is that in this plan, the policyholder will get the loan at any time after 6 months from the date of commencement of the policy.
Giving information about this plan, LIC said that it is a non-linked, non-participating, single premium and individual immediate annuity plan. It has been launched as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI) and the scheme has the same terms and conditions for all life insurers.
There are two options to opt for LIC Saral Pension Plan
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, this pension will be linked to any one person. As long as the pensioners are alive, they will continue to get pension. After that the base premium he had paid for taking the policy will be returned to his nominee. Tax deducted in this is not given back.
The second option is given for joint life. In this, the pension is linked to both the husband and wife. In this, the spouse, whoever lives for a longer period, continues to get pension. The amount of pension that any one person will get while alive, the same pension amount will be given to his spouse when he is not alive. When both are no longer in this world, then the nominee is given the base price that was paid at the time of taking the policy.
Pension will start as soon as the policy is taken
This plan of LIC is Immediate Annuity Plan. As soon as the policyholder takes the policy, his pension will start. You can also call Immediate Annuity as Immediate Pension. Now it will depend on you whether you want pension every month or quarter, half yearly or annually. If you want every month, then you have to choose the monthly option. Similarly, the facility to choose the option for quarterly, half yearly and yearly will be given. The mode you choose, the pension will start accordingly. If you choose monthly, then pension will start after one month, after three months in quarter, after six months in half yearly and after one year in yearly.
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