You have to invest only once in LIC’s Saral Pension Scheme. The minimum investment in this will depend on how much pension you want and at what intervals. There is no maximum investment limit in this.
LIC’s Saral Pension Scheme
In LIC’s Saral Pension Scheme, you get a fixed pension for life. It can prove to be very helpful in saving you from financial crisis in old age. The most important thing about this is that you do not have to pay premium every month. You just have to deposit money once and then you will get a fixed amount for life.
How much pension you will get will depend on your investment. There is no maximum investment limit in this. Yes, the minimum limit will depend on your desired pension. Under this scheme, you will get annuity (here reference is pension) monthly, once in three months, once in six or once in a year.
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Minimum Annuity
You have to take an annuity of at least Rs 1,000 every month and Rs 12,000 in a year. From here your minimum investment will also be decided. Apart from this, you can also choose the option of 3 and 6 months. In which you will get annuity of Rs 3,000 and Rs 6,000 respectively.
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Two options in the policy In the
first option, your pension will stop after your death and whatever investment you had made to buy the plan will be given to your nominee. Another option is that you add your spouse to this scheme with you and after your departure, they will continue to get pension. In the event of the death of both of you, the person whom you have chosen as the nominee will get the invested amount. People of minimum 40 years and maximum 80 years can invest in this scheme.
You can surrender in six months, you can
surrender it after six months of purchasing the policy. On surrender, 95 percent of the purchase price will be refunded and if there is any loan taken against the policy, then after deducting it, the remaining amount will be returned. Loan can be availed after six months of buying the policy. If you do not like the policy, you can withdraw it within 15 days from the date of issue of the policy bond. In case of buying a policy online, this free look period is 30 days.
