LIC Saral Pension Yojana: Not 60, now at the age of 40, you will get pension up to Rs 50k

Saral Pension Yojana: By now you may have heard of plans to get a pension for a period of 60 years or more. But you might not have to wait so long for pension. The Life Insurance Corporation of India (LIC) has launched an excellent scheme, under which you can get a pension even at the age of 40 by depositing a lump sum amount. Find out about this plan ...

What is Saral Pension Yojana?

LIC's scheme is called Saral Pension Yojana. This is a single premium pension plan, in which the premium has to be paid only when taking out a policy. After that you will continue to get pension for life. A Saral Pension Yojana is an immediate annuity plan, which means you start getting a pension as soon as you take out a policy. After taking this policy, you get the same pension for the rest of your life.

There are two ways to get this pension plan

Single Life - In this policy the policy will remain in the name of the person, as long as the pensioner is alive, he will continue to receive the pension, the amount of base premium will be refunded to his nominee after his death.

Joint Life - Coverage for both spouses. As long as the primary pensioners are alive, they will continue to receive pensions. Upon their death, their spouse will continue to receive a lifetime pension, the amount of the original premium will be paid to their nominee after the death of the primary pensioner.

Who can get a Saral Pension Yojana?

The minimum age for availing this scheme is 40 years and the maximum is 80 years. As this is a lifetime policy, the pension is available for the entire life as long as the pensioner is alive. The Saral Pension Yojana can be surrendered anytime after six months from the date of commencement.

When will you get pension?

It is up to the pensioners to decide when they will get the pension. In this you get 4 options. You can get a pension every month, every three months, every 6 months or you can get it every 12 months. You can choose any option, during that period your pension will start coming.

How much pension will you get? 

How much will this simple pension plan cost? Such a question may have come before you. In the meantime, you have to choose it yourself. That is, you will have to pay according to whatever pension you choose. If you want a monthly pension, you need a minimum pension of Rs.1000, Rs.3000 for three months, Rs.6000 for 6 months and Rs.12000 for 12 months.