LIC Policy: Get Rs 12,000 pension by paying a single premium; check details
Zee News
LIC Saral Pension Yojana is a ‘Standard Immediate Annuity plan’, which allows investors to choose the type of annuity from two available options on payment of a lump sum amount.
New Delhi: Life Insurance Corporation (LIC) of India offers various policies offering tons of benefits to the subscribers. From pension to tax benefits, investors can receive several perks by putting their money in the schemes offered by the largest state-owned insurer in the country. In one such scheme, LIC Saral Pension Yojana, investors receive a minimum of Rs 12,000 pension in a year.
LIC Saral Pension Yojana is a ‘Standard Immediate Annuity plan’, which allows investors to choose the type of annuity from two available options on payment of a lump sum amount.
According to the LIC, the annuity rates of the policy are guaranteed at the inception of the policy. The annuities are payable throughout the life time of annuitant(s), the insurer said.
Two Options in LIC Saral Pension Yojana
Option 1 of LIC Saral Pension Yojana allows investors to opt for a life annuity with a return of 100% of the purchase price. In this option, LIC makes annuity payments in arrears till the time the annuitant is alive. At the time of the death of the annuitant, the annuity payment shall cease and 100% of the purchase price is paid to the nominee(s) or legal heirs.
