LIC Saral Pension Yojana: The government, LIC, and banks all offer specialized pension schemes that provide pensioners with a steady income. With these plans, a single investment can yield lifetime income. This scheme is a simple pension programme called the LIC Saral Pension Yojana.
A single premium, non-linked individual instant annuity plan is the LIC Saral Pension Scheme. Benefits are paid under this pension scheme both individually and collectively. According to the pension plan, if you open a single account, you will continue to receive a pension for life, and upon the death of the policyholder, the base prize will be paid to the nominee.
The pension can be accessed in the names of the policyholder and his wife after opening a joint account. On the death of the insurance holder, the widow receives the pension amount. The nominee receives the basic prize of the pension if both participants in the joint account pass away.
You can obtain a full pension via this LIC scheme by making a single investment. This plan is an immediate annuity, meaning that the pension is paid as soon as the policy is purchased. As a result, the pension amount under this plan does not begin until the policy’s premium has been paid.
Who is eligible to invest:
Only people between the ages of 40 and 80 are eligible to invest in this LIC pension plan. This plan allows for joint investments from husbands and wives, and after six months, this account may be closed.