Health is Wealth’ never goes out of fashion and in the past 2 years, if there’s one sure thing that the Covid-19 pandemic got everyone’s focus on, it was the need to have financial stability and an insurance!

While financial stability can take a hit in times of crisis, insurance is something that can help counterbalance its effects. And what better than a scheme that just lets people pay a premium only once.

As its motto says, “Your welfare is our responsibility,” LIC’s Saral Pension Plan looks after the policyholder by giving them a monthly pension of Rs 12,000.

Here’s everything you need to know about the plan:

Under the Saral Pension Yojana, LIC offers 2 options:

1- Life Annuity with return of 100% of purchase price: This option is available only for an individual or a single holder in which they are eligible for a monthly payout of Rs 12,000, till they are alive. Meanwhile, after the policyholder dies, the premium is returned to the nominee.

2- Joint life last survivor annuity with return of 100% of purchase price on death of the last survivor: The option lets a couple (husband and wife) avail the pension. However, in this case, the nominee gets the premium after the death of the last surviving spouse.

Being available both offline and online, here are some notable highlights of the plan:

• The pension starts right after a person buys the policy with the minimum annuity being Rs 12, 000 per annum, no maximum limit.
• A policyholder can opt for a monthly, quarterly, half-yearly, or annual pension.
• People in the age group of 40 years to 80 years can reap the benefits of this pension scheme.
• The policyholder can take a loan against the scheme post 6 months of its beginning.