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Now you will not have to wait 60 years for pension. The policy of Life Insurance Corporation is very good. In which the pension starts at the age of 40 as soon as the lump sum is deposited. Name of this policy simple pension scheme Is . If you also want to take advantage of this scheme, then know about this LIC scheme.

One What is Simple Pension Scheme?

In LIC’s ordinary pension plan, a lump sum premium has to be paid. One has to choose one of the two options to get the yearly. After this you will get full life time pension. On the death of the policyholder, the nominee receives a single premium amount. Ordinary Pension Scheme is an immediate annual plan.

Two ways to get pension

Single Life: The policy will be in someone’s name. As long as the pensioner is alive. They will get pension. On his death, the principal premium amount will be returned to his nominee.

Cohabitation Coverage for both spouses is available. As long as the primary pensioner is alive. They will continue to get pension. On the death of one, the pension will continue to be given to the other. On the death of both, the basic premium is paid to the nominee.

Eligibility for this scheme

The minimum age to be a part of this scheme is 40 years and the maximum age is 80 years. This is a lifelong policy. It provides lifelong pension. Simple pension policy can be surrendered at any time after 6 months from the date of commencement.

annual payment How to do

There are 4 options for annual payment under this plan. Under this, the time taken can be taken monthly, 3 months, 6 months and 12 months. A minimum pension of Rs 1000/- is required under this scheme. If you are 42 years old then buy an amount of 30 lakhs annually. Then you will get a pension of Rs 12,388 per month.

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