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LIC Policy: Customers can take pension on monthly, quarterly, half-yearly or annual basis from LIC's plan.

LIC is the largest life insurance company in the country. There are multiple schemes to suit the needs of all types of customers. Simple Pension Yojana is one of them. In this scheme the subscriber can get lifetime pension. There is no hassle of paying money every month for this. You have to pay the lump sum together. The subscriber will start getting pension under this scheme from the age of 40 years.

LIC's Saral Pension Yojana Immediate Annuity Plan. Subscriber can take pension on monthly, quarterly, half yearly or yearly basis. If pension is taken on monthly basis, it will look like a salary. So even if someone takes pension at the age of 40, his earnings will not stop.

Who can invest: Anyone between the age group of 40 to 80 years can invest in LIC's Saral Pension Yojana scheme. One time premium is to be paid at the time of taking the policy. Besides, the policy holder will start getting pension from the time of taking the policy.

If the policy holder dies due to any reason during the scheme then the entire amount deposited is returned to the nominee. Policy can be surrendered at any time from 6 months after purchase.

Minimum and Maximum Limits: There is no maximum investment limit in LIC's Saral Pension Yojana scheme. However, the customer has to invest a minimum of Rs 1000 for pension. Again, to get a pension of 1000 rupees, the customer has to deposit 2.5 lakh rupees together. Age is also a big factor in this.

If a 42-year-old person invests Tk 30 lakh in the Saral Pension Yojana scheme, he will get a pension of Tk 12,388 per month. This policy can be purchased as single life or joint life. In a joint scheme, the other spouse continues to receive pension in case of death. In case of death of both the investment money will be returned to the nominee.