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This is an immediate annuity plan. Under this plan you can take pension on monthly, quarterly, half-yearly or yearly basis. Monthly ...Read more

New Delhi. LIC is the country's largest life insurance company. It has many great schemes for its customers. One of these schemes is Saral Pension Yojana. Under this scheme, the subscriber can keep getting pension for life. Not only this, for this you have to pay the money only once. You can start receiving pension under this scheme only from the age of 40 years.

This is an immediate annuity plan. Under this plan, you can take pension on monthly, quarterly, half-yearly or yearly basis. By taking pension on monthly basis, it starts looking like a salary. Therefore, even after retirement, you will not feel the lack of a regular income.

Who can invest?
Anyone between the age of 40 to 80 years can invest in this scheme. While buying the policy, you have to pay the premium only once. If a policyholder has a pension, he starts getting it as soon as he buys the policy. Under this scheme, if the policy buyer dies due to any reason, then his deposit amount will be returned to his nominee. This policy can be surrendered anytime after 6 months of its commencement.

There is no limit on maximum investment in this scheme. However, you will have to invest a minimum of Rs 1000 for a pension. For a pension of Rs 1000, you will have to deposit a lump sum of Rs 2.50 lakh. Age will also be a factor in this. If any 42-year-old person buys an annuity of Rs 30 lakh, he will get Rs 12,388 every month as pension. This policy can be taken as single life or joint life. In a joint scheme, if one spouse dies, the other will continue to receive money. If both die, the investment will be returned to the nominee.