Many individuals within the personal sector fear about their retirement funds. To deal with this concern, they typically have interaction in varied monetary planning actions. Nonetheless, saving alone could not assure a gradual revenue throughout retirement. In response, a number of income-generating schemes have been launched within the nation, with LIC, the most important insurance coverage firm, actively concerned. LIC affords totally different coverage plans to swimsuit particular person wants, offering a dependable revenue supply for the long run. Now, allow us to let you know about an important pension plan from LIC that provides a possibility to get a hefty quantity of month-to-month pension after retirement.
LIC Saral Pension Yojana
Underneath the LIC Saral Pension Yojana, you obtain a month-to-month pension of Rs 12,000, requiring solely a single premium fee. On the age of 60, this pension of Rs 12,000 begins and continues in your lifetime. Moreover, when you make investments Rs 10 lakh on the age of 60, you may anticipate an annual pension of Rs 58,950. The precise quantity could fluctuate relying in your chosen pension funding account.
How one can Apply for the Scheme?
If you happen to’re on this pension scheme, you may apply for it both on-line or offline. To take part, you want to make investments a minimal of Rs 12,000 yearly, and there’s no most restrict. This scheme is open to people aged 40 to 80. After 6 months from the coverage begin date, policyholders can even make the most of the mortgage characteristic.
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Advantages of LIC Saral Pension Yojana
- In a single-life annuity, when the individual receiving the annuity passes away, all the quantity that was used to purchase the annuity goes to the individual they chose to obtain it after their dying.
- Underneath survival advantages the annuity quantity turns into payable.
- Within the LIC Saral Pension Scheme, you may solely apply for a mortgage after the coverage has been energetic for six months.
- As per Earnings Tax Act, of 1961, the policyholder additionally will get tax advantages.