Even after retirement, everyone requires a set amount of money each month. It necessitates foresight and the purchase of the appropriate instrument. The country’s largest insurance company, Life Insurance Corporation (LIC), introduces plans to meet the needs of people from all walks of life. The company launched the LIC Saral Pension Plan in response to people’s pension-related needs.
a monthly pension of 12,000
If you have recently retired and received money from a PF fund or a gratuity, you can invest in this fund to receive a monthly pension. You must purchase annuities through a lump-sum investment to achieve this. According to the LIC calculator, if you buy a Rs 30 lakh annuity, you will receive a monthly pension of Rs 12,388.
You should be a certain age to purchase Annuity.
The Immediate Annuity Plan is what it sounds like. A person must be at least 40 years old to purchase Annuity under this scheme. At the same time, the maximum age limit for this should be 80.
You can purchase an annuity for a minimum of Rs 12,000 per year. However, there is no maximum amount that can be invested. After paying a one-time premium, anyone can receive a pension under this plan on an annual, half-yearly, quarterly, or monthly basis.
A loan option is also available.
After 6 months from the start of the policy, anyone can take a loan under the LIC Saral Pension Plan. In the case of a joint life annuity and in the event of the annuitant’s death, the spouse can also get a loan.