Nowadays everyone does a lot for their health and family. People take out different types of insurance policies. Apply for pension scheme to live your future life easily. If you are also looking for a pension policy for your future, then LIC has come up with a special plan for you. LIC has recently launched its simple pension scheme. The holder has to pay premium for this policy. Which means that by paying the premium only once, the policyholder can avail pension for life.
This policy gives you two options. Single Life Policy and Joint Life Policy. Single life policy is in the name of only one person. After the death of the policy holder, the basic premium amount is returned to the nominee while the joint policy is in the name of the spouse. The basic premium is paid to the nominee after the death of both the spouses.
How can I apply: You can apply for this scheme through both online and offline modes. To apply online, you have to fill the form by visiting the website of the bank or insurance company. Alternatively, if you wish to apply offline, you will have to fill up the physical form by visiting a bank or nearest insurance company’s office. After this you will be asked for the necessary documents.
What documents will be used for applying? Aadhar card, bank account, ration card, address proof, income proof, passport size photograph and mobile number are required for the policy. What is the profit amount? This plan gives you a minimum pension of Rs 12,000 per annum, though there is no maximum policy value limit. According to the LIC calculator, if you are 42 years old and you take a policy of Rs 30 lakh, then you will get a pension of Rs 12388 per month.