New Delhi: Now Pensions ( Pension you get) do not need to wait up to 60 years. Life Insurance Corporation ( LIC ) has recently launched a new plan, under which pension starts at the age of 40 as soon as the lump sum amount is deposited. Let’s know about this scheme…
What is Saral Pension Yojana?
LIC has named this scheme as Saral Pension Yojana. This is a single premium pension plan, in which you have to pay premium only once at the time of taking the policy. And after this you will continue to get pension for the whole life. At the same time, on the death of the policy holder, the amount of single premium is returned to his nominee. Saral Pension Yojana is an immediate annuity plan, that means you start getting pension as soon as you take the policy. After taking this policy, as much as the pension starts with, the same pension is available for the whole life.
Two ways to take this pension scheme
Single Life- In this, the policy will remain in the name of any one, as long as the pensioner is alive, he will continue to get the pension, after his death the amount of base premium will be returned to his nominee.
Joint Life – In this, both the spouses have coverage. As long as the primary pensioners are alive, they will continue to get pension. After his death, his spouse will continue to get pension for life, after his death the amount of base premium will be handed over to his nominee.
Who can take Saral Pension Yojana?
The minimum age limit to be a part of this scheme is 40 years and the maximum is 80 years. Since it is a whole life policy, pension is available for the whole life, as long as the pensioner is alive. Saral Pension Policy can be surrendered anytime after six months from the date of commencement.
When will I get the pension?
When will the pension be received, it is for the pensioner to decide. In this you get 4 options. You can take pension every month, every three months, every 6 months or you can take it in 12 months. Whichever option you choose, your pension will start coming in that period.
How much will you get pension?
Now the question arises that how much money you will have to pay for this simple pension scheme, then let us tell you that you will have to choose it yourself. That is, whatever amount of pension you choose, you will have to pay accordingly. If you want pension every month, then you have to take at least Rs 1000 pension, Rs 3000 for three months, Rs 6000 for 6 months and Rs 12000 for 12 months. There is no maximum limit.
If you are 40 years old and you have deposited a single premium of Rs 10 lakh, then you will start getting Rs 50250 annually which will be available for life. Apart from this, if you want your deposited amount back in the middle, then in such a situation you get back the deposited amount by deducting 5 percent
If you have a serious illness and need money for treatment, then you can withdraw the money deposited in Saral Pension Yojana. You are given a list of serious diseases, for which you can withdraw money. On surrendering the policy, 95% of the base price is refunded. The option of taking a loan is also given under this scheme (saral pension plan). You can apply for the loan after 6 months from the start of the scheme..