New Delhi: Life Insurance Corporation (LIC) of India, the nation’s largest insurer, gives a number of varied insurance policies permitting traders to safe their retirement. Besides spectacular returns, traders get choices to avoid wasting their taxes with the insurance policies.
In most schemes, LIC permits traders to start out saving little to construct a corpus for his or her retirement. However, within the LIC Saral Pension Yojana, subscribers have to take a position a certain quantity simply as soon as to take pleasure in month-to-month pensions.
Under the scheme, one can get a minimal of Rs 12,000 pension in a 12 months. The scheme gives traders to pick out the annuity kind from two obtainable choices on cost of a lump sum quantity. The scheme is a ‘Standard Immediate Annuity plan’.
The annuity charges within the LIC Saral Pension Yojana are assured on the inception of the coverage. The Insurer receives the payable all through his or her lifetime.
2 Options beneath LIC Saral Pension Yojana
Option 1 of LIC Saral Pension Yojana:
The possibility permits traders to pick out a life annuity together with a return of 100% of the acquisition value. The insurer makes annuity funds until the dying of the annuitant within the possibility. In case of the dying of the annuitant, the annuity cost is ceased and 100% of the acquisition value is paid to the nominee(s) or authorized heirs.
Option 2 of LIC Saral Pension Yojana:
The second possibility beneath the LIC Saral Pension Yojana gives a joint final survivor annuity with a return of 100% of the acquisition value on the final survivor’s dying. The possibility additionally ensures that the annuity quantity is paid until the annuitant and/or partner are alive. Also Read: Noida: WeWork India takes 6.6 lakh sq ft workplace area on lease to develop enterprise
LIC Saral Pension Yojana Eligibility Criteria
Any Indian citizen between the age of 40 years to 80 years can begin investing within the LIC Saral Pension Yojana. Investors can choose a minimal annuity per 30 days of Rs 1000 or Rs 12000 yearly. Also Read: Sensex, Nifty fall for fourth straight session amid excessive volatility