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LIC’s special pension policy: pension of 51 thousand for life and after death, the nominee will get a return of 10 lakh

The benefit of this pension will be available in 4 modes. If the pension is wanted every month, then the monthly mode will have to be selected. Similarly, if you want a quarterly mode for three months, half-yearly mode for six months and yearly mode, then you can choose the yearly mode.




Today we will talk about LIC’s Saral Pension Scheme. LIC has implemented this plan from July 1, 2021. This pension plan has been kept very simple so that people do not have any problem in understanding. Saral Pension Plan is an Immediate Annuity Plan which means Instant Pension Commencement Plan. It means that the insured has taken the policy and his pension will start. Therefore, Immediate Annuity can also be called Immediate Pension Plan.

The benefit of this pension will be available in 4 modes. If the pension is wanted every month, then the monthly mode will have to be selected. Similarly, if you want a quarterly mode for three months, half-yearly mode for six months and yearly mode, then you can choose the yearly mode. If you choose the monthly mode, then the pension will start after 1 month of taking the plan. Similarly, there is a rule for quarterly, half yearly and yearly. This plan is a single premium pension plan, for which the entire premium amount has to be paid in one go.

what is this policy
If either of the spouses wants to get pension, then the option of Life Annuity with 100% Return of Purchase Price has to be selected. It happens for single life or for a single person. The person in whose name this pension plan will be there, he will get fixed pension for life. After the death of the pensioner, the amount paid at the time of taking the policy is received by the nominee. The second option is for joint life i.e. for both husband and wife. In this, the amount of pension the pensioner gets in his life, after his death, his other spouse gets the same pension. When both the spouses do not live in this world, the nominee gets the base price of the amount paid at the time of taking the policy.

Who can take the plan
People of 40 years to 80 years can take advantage of this pension scheme. Let us understand this with an example. Suppose 60 years old Ramchandra has taken this pension plan with sum assured of 10 lakhs. If Ramachandra chooses the mode of receiving annual pension, then he will have to pay Rs 10,18,000 as premium. Accordingly, he will get Rs 51,650 every year till the whole life. When Ramchandra dies, his nominee or legal heir will get back Rs 10 lakh.




What is the rule of joint life
Now let’s understand it according to joint life. Suppose Ramchandra took a simple pension plan for joint life whose wife’s age is 55 years. For the sum assured of 10 years, he has opted for the annual mode. If you want once a year, then they will have to pay Rs 10,18,000 in one go. He will get a pension of Rs 51,150 every year. After the death of Ramchandra, his wife will get a pension of Rs 51,150 for life. When both the spouses die, their nominee and legal heirs will get Rs 10 lakh back.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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