Many individuals within the personal sector fear about their retirement funds. To handle this concern, they typically have interaction in numerous monetary planning actions. Nonetheless, saving alone could not assure a gradual revenue throughout retirement. In response, a number of income-generating schemes have been launched within the nation, with LIC, the biggest insurance coverage firm, actively concerned. LIC provides totally different coverage plans to go well with particular person wants, offering a dependable revenue supply for the longer term. Now, allow us to let you know about an ideal pension plan from LIC that gives a possibility to get a hefty quantity of month-to-month pension after retirement.
LIC Saral Pension Yojana
Underneath the LIC Saral Pension Yojana, you obtain a month-to-month pension of Rs 12,000, requiring solely a single premium cost. On the age of 60, this pension of Rs 12,000 begins and continues to your lifetime. Moreover, when you make investments Rs 10 lakh on the age of 60, you’ll be able to anticipate an annual pension of Rs 58,950. The precise quantity could fluctuate relying in your chosen pension funding account.
Methods to Apply for the Scheme?
In case you’re on this pension scheme, you’ll be able to apply for it both on-line or offline. To take part, you might want to make investments a minimal of Rs 12,000 yearly, and there’s no most restrict. This scheme is open to people aged 40 to 80. After 6 months from the coverage begin date, policyholders also can benefit from the mortgage characteristic.
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Advantages of LIC Saral Pension Yojana
- In a single-life annuity, when the individual receiving the annuity passes away, the whole quantity that was used to purchase the annuity goes to the individual they chose to obtain it after their dying.
- Underneath survival advantages the annuity quantity turns into payable.
- Within the LIC Saral Pension Scheme, you’ll be able to solely apply for a mortgage after the coverage has been energetic for six months.
- As per Revenue Tax Act, of 1961, the policyholder additionally will get tax advantages.