LIC Saral Pension Yojana: Pay single premium, get Rs 1 lakh annually for a lifetime

New Delhi: The majority of people want to spend a quality life. Quality life, however, is typically an expensive endeavour that calls for careful financial planning. Not only in posh cities but also in graceless cities, maintaining economic balance has become the go-to method. Most people look for the best financial investment from where they can get maximise and secure returns.

Here is the detail of LIC's policy from where you will start getting money at the age of 40. The policy is the Saral Pension Yojana, in which you can get a pension even from the age of 40 years. Let us have a look at this scheme. (Also Read: Post office scheme: Invest Rs 100 daily in THIS plan, get more than Rs 2 lakh in 5 years)

With the start of this annuity plan, an annual annuity rate of about 5 per cent is guaranteed. The annuitant has the choice of receiving payments monthly, quarterly, half-yearly, or annually as long as they remain alive. (Also Read: LIC launches Dhan Sanchay Saving Plan; check premiums, benefits & more details)

Age limit

Anyone of the age range from 40 to 80 years can buy this non-linked and non-participating upfront single premium scheme. 

Return calculator

As per the norms of the scheme, policyholders can choose to receive a minimum monthly income of  Rs 1,000 or an annual pension of Rs 12,000. One will need to pay Rs 2.50 lakh as a one-time premium for this minimal pension.

A single investment of Rs 10 lakh will earn the investor an annual pension of Rs. 50,250. Similarly to that, an investor must pay a single upfront premium of 20 lakh if they want to participate in this scheme's 1 lakh yearly pension.

Additional benefits of LIC Saral Pension Yojana

- Buyers can take a loan after the completion of the initial six months.

- After the unfortunate death of the buyer, a base premium will be given to the nominee.

- Once you take the policy, your pension will remain the same ever.

- Saral Pension Policy can be surrendered anytime after six months from the date of commencement.