Life Insurance Corporation of India (LIC) has launched a new scheme on July 1, 2021. LIC, the country's largest insurance company, has launched the Saral Pension scheme. LIC Saral Pension scheme is a non-linked, single premium, individual instant annuity plan. This plan can also be taken with a spouse. Under this scheme, loans can be availed at any time after six months from the date of commencement of the policy. This is available both online and offline. The scheme offers the same terms and conditions for all life insurers.
How to buy a plan
You can buy LIC's new Saral Pension scheme offline or online from the website www.licindia.in. The minimum annuity under the plan is Rs. 12,000 per annum. The minimum purchase price depends on the annuity status, the option chosen and the age of the policyholder. There is no maximum purchase price limit. The plan is available for the age group of 40 to 80 years.
How much to invest?
Under this scheme, if you want to avail the benefit of monthly pension, you have to deposit at least 1 thousand rupees per month. Similarly, for a quarterly pension, one has to invest at least Rs 3,000 per month.
You will get two options
Under LIC's scheme, the policyholder has the option to choose an annuity from two available options on a single payment. Under the first option, the policyholder will continue to receive a lifetime pension and in case of death, 100% of the sum insured will be paid to the nominee. The other option is for the policyholder to get a lifetime pension. After his death, the spouse will receive a lifetime pension. After the death of the last survivor, 100% of the sum insured will be refunded to the nominee.
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