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LIC Saral Pension Yojana: In times of Covid-19, one of the biggest takeaways has been the need to have financial stability and a comprehensive insurance cover.
While financial stability can take a back seat in the times of crisis, insurance is something that can help counterbalance its effects.
Therefore, life insurance has indeed becomes crucial in the current times, especially for salaried individuals who may not have bumper savings with them.
When it comes to the family’s financial security, LIC Jeevan Saral Plan is the safest option. LIC Jeevan Saral is an endowment plan where the insurance buyer has the option to choose the amount and mode of paying premiums.
Under the Saral Pension Yojana, lets investors receive Rs 12,000 every month by just paying a single premium. A policyholder can opt for a monthly, quarterly, half-yearly, or annual pension.
Here are the two options available to the buyer:
Life Annuity with return of 100 per cent of purchase price: The benefits of the policy are limited to the investors in the option, which promises a monthly payout till the time policyholder is alive. The nominee receives the premium in case of the unfortunate in the life annuity with a 100 per cent return option.
Joint life last survivor annuity with return of 100 per cent of purchase price on death of the last survivor: The option lets a couple (husband and wife) avail the pension. However, in this case, the nominee gets the premium after the death of the last surviving spouse.
Being available both offline and online, here are some notable highlights of the plan:
Limit: The pension starts right after a person buys the policy with the minimum annuity being Rs 12,000 per annum, no maximum limit.
Eligibility: People in the age group of 40 years to 80 years can reap the benefits of this pension scheme.
Loan against policy: The policyholder can take a loan against the scheme post 6 months of its beginning.
Premium amount: LIC Jeevan Saral endowment plan provide options with multiple premium payment (viz. Monthly, quarterly, semi-annually, and annually) to the customer. The premium amount automatically gets deducted from the salary throughout the policy term or till earlier death.
Death Benefit: A lump sum amount is paid to the family of the policyholder as long as the policy term continues in case of an unfortunate life assured’s death. This includes 250 times the premium paid every month along with loyalty additions (if any) and premium returns. The premium return excludes the first-year premium payments and rider premium.
What documents are required?
The policy buyer needs to fill up an application form with accurate medical details along with the address proof and other KYC documents. Also, medical tests may be required in specific cases depending upon the Sum Assured and the person’s age.
