LIC (Life Insurance Corporation) of India is popularly known for providing secure policies to their investors so that they can relax after their retirement. Apart from impressive returns, investors also get to save their taxes with the policies.
In most of the schemes, LIC has long term plans where you start investing at an early age and get returns by your retirement age. However, in the LIC Saral Pension Yojana scheme, subscribers have to invest a certain amount only once to enjoy monthly pensions.
Under this scheme, one can get a minimum of Rs 12,000 pension in a year. It offers investors to select from 2 annuity types, they are:
Type 1:
In this, the investors can choose a life annuity. It means that the insurer will keep paying till the death of the annuitant in the option. In case of death of the annuitant, the payment is ceased and 100% of the purchase price is paid to the nominee or legal heir.
Type 2:
The second option under the LIC Saral Pension Yojana offers a joint last survivors annuity with a return of 100% of the purchase price on the last survivor’s death. It also ensures that the annuity amount is paid till the annuitant and/or spouse are alive.
Indian citizens between the age of 40 to 80 years can start investing in LIC Saral Pension Yojana and the minimum annuity per month can be between Rs 1000 to Rs 12,000 annually.
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