New Delhi: Lately, the attract of personal sector jobs has elevated as a result of aggressive pay, though they typically lack pension advantages. Recognizing the rising want for pension safety, LIC has launched the Saral Pension Scheme, providing people a dependable possibility for retirement planning.
LIC Saral Pension Scheme
The LIC Saral Pension Scheme is a Normal Fast Annuity plan by the rules of the Insurance coverage Regulatory and Improvement Authority of India (IRDAI). (Additionally Learn: China Might Use AI Content material To Affect Lok Sabha Polls, Warns Microsoft Report)
The scheme ensures annuity charges on the coverage’s inception, offering annuities all through the annuitant’s lifetime. (Additionally Learn: Veg Thali Turns into Costly In March, Non-Veg Cheaper: Verify New Charges)
LIC Saral Pension Scheme: Annuity Choices
The scheme presents two annuity choices:
Possibility I
Life Annuity with a return of one hundred pc of the Buy Worth.
Possibility II
Joint Life Final Survivor Annuity with a Return of one hundred pc of the Buy Worth on the demise of the final survivor, out there for married policyholders.
LIC Saral Pension Scheme: Eligibility Standards
Age Restrict
To be eligible, the policyholder have to be between 40 and 80 years outdated. There isn’t any most restrict on the acquisition value.
Minimal Annuity Quantity
Minimal annuity quantities vary from Rs 1,000 per 30 days to Rs 12,000 every year, relying on the chosen frequency.
LIC Saral Pension Scheme: Incentives
The scheme offers incentives for larger buy costs, with growing annuity charges for 3 buy value slabs. The inducement additionally varies based mostly on the mode of annuity funds and will increase with the discount in fee frequency.
LIC Saral Pension Scheme: Retirement Planning Advantages
The Saral Pension Scheme presents people a sensible retirement planning resolution, permitting the acquisition of annuity by lump sum investments, together with funds from PF and Gratuity accrued upon retirement.
Based on LIC Calculator, a 42-year-old investing Rs 30 lakh would obtain Rs 12,388 each month as pension.
