Life Insurance Rules of India (LIC) on Thursday launched Saral Pension Scheme on July 1. This is a single premium plan. This means that you will have to pay a one-time premium for the LIC policy. After that, you will continue to get a pension for life. The important thing is that in this plan, the policyholder will be able to avail of the loan anytime after 6 months from the date of commencement of the policy.
Informing about this pension plan, LIC said that it is a non-linked, non-participating, single premium and individual immediate annuity plan. This is a plan launched under the guidelines of the Insurance Corporation of India and Development Authority (IRDAI). Also, this plan will have the same rules for all policyholders.
Two options to take LIC simple pension plan
There are two options available for LIC’s simple pension scheme. The first is Life Initiative with 100% Return of Purchase Price. This pension is for single life. Of course, this pension will be linked to one person. So the pensioner will continue to get a pension as long as he is alive. The nominee will then get back the base premium he had invested in the policy. The tax deducted is not refundable.
So the second option is given for joint life. The pension is linked to both spouses. In this, the spouse who survives for a long time gets a pension. The same amount of pension that a person gets while he is alive, the same amount of pension will be given to his spouse after his death. When both of them die, the base price paid to the nominee is credited to the policy.
Pension will start only after taking the policy
LIC’s plan is an immediate annuity plan. He will start getting a pension immediately after taking the policy. You can also call an immediate annuity an immediate pension. The special thing is that it is up to you, whether you want pensions every month or quarter. You will have to choose a pension plan accordingly. If selected every month, then after one month, quarterly after 3 months, half-yearly and yearly option is also available.
