Winning Bizness Desk

Mumbai. Salaried employees often worry about retirement life as everyone need money to live in this world. But, anyone can only work up to one age and after they have to retire from work and therefore, regular pension is necessary to avoid shortage of money for post-retirement expenses. LIC Pension Scheme can be a good option for this as it offers several pension schemes to its customers. One of these is the LIC Saral Pension Plan. It is a non-linked, single premium, individual immediate annuity plan. You can get a good pension by investing here.

Pay premium only once

LIC's Saral Pension Scheme requires only one time investment wherein investors can invest in Saral Pension on their own or in the name of spouse. Minimum age to invest in this scheme is 40 years and maximum age is 80 years. After lump sum investment you continue to get pension. The investor has to pay a lump sum premium while availing the scheme. The special thing about this scheme is that the amount from which the pension starts, the same amount is received throughout the life. This policy can be surrendered anytime after 6 months from inception.

Options in the plan

In this scheme you can take monthly, quarterly, half yearly or yearly pension. Monthly pension is minimum Rs 1,000, quarterly pension is minimum Rs 3,000, half-yearly pension is minimum Rs 6,000 and annual pension is minimum Rs 12,000. There is no limit on the maximum pension amount in this scheme. If you are 42 years old and you buy an annuity of Rs 30 lakh, you will get a monthly pension of Rs 12,388. Now if you want to get more in pension, you can deposit more in a lump sum premium accordingly.

You will also get a loan

You can also take loan under the Saral Pension Yojana of LIC. Investors can apply for the loan six months after the scheme is launched. If you need money for the treatment of any illness, you can also withdraw the money deposited in the policy. On surrender of the policy, the customer gets 95 percent of the original cost back.