The Life Insurance Corporation (LIC) offers a variety of investment options that provide high returns while also ensuring that the investment is safe. The LIC Saral Pension Scheme, for example, is a standard immediate annuity that allows investors to secure their financial future. The scheme adheres to the Insurance Regulatory and Development Authority of India’s (IRDAI) guidelines.
The LIC Saral Pension Scheme has a minimum age limit of 40 years and a maximum age limit of 80 years. In the LIC Saral Pension Scheme, there are two annuity options.
Option 1: Insurers can opt to receive an annuity with 100% returns on the purchase price.
Option 2: The insurer can choose a joint-life last-survivor who will continue to receive an annuity with a 100 percent return on the purchase price in the second option.
How do I put money into the LIC Saral Pension Scheme?
Investors who want to invest in the LIC Saral Pension Scheme can do so through a LIC agent or at the nearest LIC office. You can also make an online investment in the scheme at www.licindia.in.
When is the annuity paid?
Customers can select the frequency of the annuity. At present, LIC is offering yearly, half-yearly, quarterly, and monthly annuities with the Saral Pension Scheme.
What is the minimum investment required to participate in the scheme?
The Saral Pension Scheme allows you to invest a minimum of Rs 12,000 per year, which translates to Rs 1000 per month, Rs 3000 per quarter, and Rs 6000 per half-year.