LIC Launches Compelling Plan! Know How To Get A Lifetime Pension By Saving Money Only Once
Life Insurance Corporation of India (LIC) has launched a simple pension scheme. It is a non-linked single premium scheme. Under the scheme, policyholders have to pay a premium only once. The policyholder will then receive a lifetime pension.
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This is an Immediate Unity Plan as per the guidelines of the Insurance Regulatory Authority of India (IRDA). “The plan has the same conditions for all life insurers,” LIC said of the policy. Under the LIC scheme, the policyholder can choose any of the two available annual options. Under the scheme, loans can also be obtained six months after the start of the policy.
The first option for a simple pension scheme is:
There are two options for a LIC Simple Pension Scheme. First Life Annuity With 100 return of purchase price. This pension is for a single life, i.e. the pension will be linked to a spouse, as long as the pensioner survives, he will continue the pension. After his death, the base premium paid for the policy will be returned to his nominee.
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Another option for a simple pension scheme is:
The second option is given to Giant Life. This includes pensions for both spouses. In this case, the spouse, who lives to the end, is entitled to a pension. The same amount of pension that a person receives as long as he or she is alive will be paid for the rest of his or her life after the death of one of the other spouses. When a second retiree leaves the country, the nominee is paid the principal, which was paid at the time of taking the policy.
Immediate Unity Plan:
LIC’s plan is the Immediate Unity Plan. This means that as soon as the policy is adopted, pensions will be paid. Pensioners have the option of taking it monthly, quarterly, semi-annually or once a year.
How to buy:
You can buy this plan both online and offline. The policy can also be purchased online at www.licindia.in. The minimum annual policy is Rs 12,000 per annum. The minimum purchase price will depend on the annual mode, option selection and the age of the policyholder.
This policy does not limit the maximum purchase price. People between the ages of 60 and 60 can buy this policy. If you want to take advantage of the monthly pension, you have to invest at least one thousand rupees a month. Similarly, for a three-month pension, you have to invest at least 3,000 per month.