LIC Policy: Although Life Insurance Corporation (LIC) is an insurance company, it offers many investment options. In these options, you get impressive returns along with safety on investment. One such standard immediate annuity scheme is LIC Saral Pension Yojana. This scheme gives investors an opportunity to secure their future. The scheme follows the guidelines of the Insurance Regulatory and Development Authority of India (IRDAI). The important thing is that in this scheme, you can get a monthly pension of Rs 12000 by paying just the premium.
What is single life and joint life
Single life policy will be in the name of only one person. This pension scheme will be related to any one person. The pensioner will continue to get pension for life. Then the base premium will be paid to the nominee. Talking about joint life, both husband and wife are covered in it. The spouse who survives will continue to receive the pension. After both, the nominee will be given the base price.
How to choose annuity
Customers can choose the tenure of the annuity as per their choice. At present LIC Saral Pension Plan has the option of getting annual, half yearly, quarterly and monthly annuity. Investors planning to invest their money in LIC Saral Pension Plan can buy the policy through LIC agent or nearest LIC office. You can also invest in the scheme online through www.licindia.in.
Loan will be available at the time of need
Loan can also be availed under Saral Pension Yojana. You will get this loan any time after six months from the date of commencement of the policy. Loan can also be taken under joint life annuity option and on the death of the annuitant, this facility can be availed by his/her spouse. The maximum loan amount that can be given under the policy will be a maximum of 50% of the annuity amount. At the same time, loan interest will be recovered from the annuity amount payable under the policy. The outstanding loan will be recovered from the claim amount under the policy.