LICI Launches New Pension Scheme, Awards Pension to Policyholders Before Turning 60 Yrs

It is a commonly known fact that a person receives a pension after his retirement at the age of 60. But you may be surprised to know that the Life Insurance Corporation of India(LICI) has launched a new pension scheme under which a policyholder would receive before he or she turns 60.

The new LICI Saral Pension Yojana launched on July 1, 2021, guarantees such a pension opportunity.

According to the LICI, the Saral Pension Scheme, 2021 has the following features:

• Saral Pension Scheme has non linked single premium instant annuity plan.

• It also has a non-participating plan in it. Two annuity options are available in it mainly.

• 100% return of purchase price has available with payment of lifetime annuity.

• Four modes of payment in it: Monthly, Quarterly, Half-yearly, and Yearly.

• The Policyholder will also get a loan facility in this scheme.

• On investment, the policyholder will get an annuity.

The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of annuitant(s). This plan can be purchased offline as well as online directly through website www.licindia.in. The minimum Annuity is Rs.12,000 per annum.

The Minimum Purchase Price shall depend on the Annuity mode, Option chosen and Age of the Annuitant. There is no ceiling on Maximum Purchase Price. The modes of Annuity available are yearly, half-yearly, quarterly, and monthly. An Incentive for Purchase price above Rs 5,00,000/- is available by way of increase in the annuity rate. The plan is available for ages from 40 yrs to 80 yrs. Loan shall be available at any time after six months from the date of commencement of the policy, stated a press release.

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