What is a straightforward pension plan?
Mumbai: The pension scheme is considered to be an important provision for every person in the declining period. This pension applies after age. But now Life Insurance Corporation (LIC) has recently launched a new plan. In this, you will be entitled to a pension for forty years. What is this new LIC scheme? (LIC launches Saral Pension Plan: Check benefits, eligibility and more)
What is a straightforward pension plan?
LIC has launched a new scheme Saral Pension. This is a single premium pension plan. In which you only need to pay premium while taking the policy. After this, the scheme holder will get a lifetime pension.
In case of death of the policyholder, a single premium amount will be refunded to the policy nominee. A simple pension plan is an immediate annuity plan. Even if you take a policy, you will get a pension. The pension will start only after taking this policy. This pension will continue for life.
There are two ways to get this pension plan
Single Life: In this, the policy will be in the name of someone. The pensioner will get the pension as long as he is alive. The nominee will receive the base premium amount after the death of the pension holder.
Joint Life: This will cover two couples. As long as the primary pensioners are alive, they will continue to receive pensions. After their death, the spouse will receive a lifetime pension. The nominee will receive the base premium amount after his death.
Who can get a simple pension plan?
The minimum age to be a part of this scheme is 40 years and the maximum is 80 years. This is a lifelong policy. Which will cover your entire life. The pensioner can avail this policy as long as he is alive. Also, you can surrender anytime within six months of starting a simple pension policy.
How long will the pension last?
The pensioner has to decide how long he can get the pension. In this you will get 4 options. You can get this pension every month. Or you can take it after three months. You can also take it every six months or even every 12 months.
How much pension will you get?
Now the question is, how much do you have to pay for this simple pension plan? So you are free to choose that option. No matter how many pensions you choose, you will have to pay accordingly. If you want a pension every month, you have to get a minimum pension of Rs.1000, Rs.3000 for three months, Rs.6000 for 6 months and Rs.12000 for 12 months. There is no maximum limit.
If you are 40 years old and you have accumulated a single premium of Rs 10 lakh, you will start getting Rs 50,250 per annum which will be available for life. In addition, if you want your deposit back in the middle, you will get your deposit back by deducting one percent.
Can you borrow?
If you have a serious illness and need money for treatment, you can withdraw the amount deposited in the simple pension plan. Here is a list of serious illnesses for which you can withdraw money. Upon surrender of the policy, 95% of the base price is refunded. The option of taking a loan is also given in this scheme (Saral Pension Scheme). You can apply for a loan 6 months after the start of the scheme.
