LIC Saral Pension Plan: Early retirement with assured month-to-month revenue at 40.
LIC scheme: Life Insurance Corporation of India (LIC), the main authorities life insurance coverage firm, gives various insurance policies for all age teams. While most pension schemes begin on the age of 60, LIC supplies an unique alternative to begin receiving a pension from the age of 40 by means of its Saral Pension Yojana.
Key Features:
1. Age restrict: The scheme is obtainable for people aged 40-80 years.
2. Immediate annuity: With Saral Pension Plan, you start receiving your pension instantly upon coverage issuance.
3. One-time premium: Pay the premium solely as soon as whereas buying the coverage.
4. Nominee profit: In the unlucky occasion of the policyholder’s demise, the deposit quantity is returned to the nominee.
5. Surrender choice: The policyholder can select to give up the coverage anytime after 6 months from its inception.
Single Life or Joint Account:
1. Single Life: As lengthy as the policyholder lives, they are going to obtain the pension. Upon their demise, the funding quantity is returned to the nominee.
2. Joint Life: Suitable for {couples}, the pension is supplied to the policyholder as lengthy as they’re alive. After their demise, the partner continues to obtain the pension. If each cross away, the deposited quantity is given to the nominee.
Flexible pension choices:
1. Minimum pension: You can avail a minimal month-to-month pension of Rs 1000 underneath the Saral Pension Yojana.
2. No most restrict: The pension quantity has no higher restrict, relying on the invested quantity.
3. Frequency: Choose from month-to-month, quarterly, half-yearly, and annual pension choices.
Example: If a 42-year-old particular person purchases an annuity of Rs 30 lakh, they will obtain a month-to-month pension of Rs 12,388 or approx Rs 12,400.
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