Life Insurance Corporation of India has launched several schemes to meet the post-retirement needs of the policyholders. These plans provide you financial security after your retirement. One such plan is the LIC Saral Pension Plan. The policyholder has the option to choose the annuity type from the 2 available options at lump sum payment. Annuity rates are guaranteed at the inception of the policy.

The main objective of Saral Pension Yojana is to make the policy customer-friendly which helps in making an informed choice. Creation of trust between the insurer and the insured. To create uniformity and reduce misuse of the scheme.

Eligibility Criteria under LIC Saral Pension Plan

• Minimum age at the time of entry is 40 years (completed).
• Maximum age at entry is 80 years (completed).
• No limit on maximum purchase price.

Policy Term Whole Life Policy

• Minimum Annuity for Monthly: Rs.1000
• For Quarterly: Rs. 3000
• Half Yearly: Rs. 6000
• for Annual: Rs. 12000

Features of LIC Saral Pension Plan

It is a non-participating, single premium, non-linked, immediate annuity plan. This plan comes with two annuity options. In joint life policy, 100% of the annuity is paid to the spouse in case of death of the spouse. However, in case of death of both, 100% of the purchase price will be given to the nominee. The policyholder can choose the frequency of annuity payment as per his/her convenience. LIC offers annual, half-yearly, quarterly and monthly modes of annuity payment under Saral Pension Plan.
If the spouse or the annuitant or any of their children is diagnosed with a critical illness, the policy can be surrendered at any time after 6 months from the date of inception. The insured person can take a loan against it after 6 months from the inception of the plan.

Benefits of LIC Saral Pension Plan

Death Benefit

Under single-life annuity, 100% of the purchase price is paid to the nominee after the death of the policy holder. If the spouse is alive, they will receive equal annuity amount on the death of the annuitant. In case the spouse also dies, 100% of the purchase price will be given to the nominee.

Loan Benefit

Loan under LIC Saral Pension Plan is allowed only after 6 months from the date of inception of the policy. The annual interest amount paid should not exceed 50%.

If the policyholder is not satisfied with the terms and conditions of the policy, the policy may be returned to the company within 15 days (30 days if the policy is purchased online) from the date of receipt of the policy documents mentioning the reasons for objections.

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The Lucknow Bench of the Allahabad High Court, while giving a major verdict in favor of government employees who have been converted from temporary to permanent, has said that the non-regular service period of such employees will also be added to their total tenure while calculating pension.

A single bench of Justice Vivek Chaudhary has passed this decision while explaining the decision given by the Supreme Court in Prem Singh case in the year 2019 in relation to Section 2 of the Uttar Pradesh Pension for Qualifying Service and Law Validation Act, 2021.

The court has given this decision while simultaneously hearing 50 petitions filed separately on behalf of work in-charge employees, daily wage workers, ad hoc employees and seasonal collection amines.

In the petitions, the orders of the government were challenged, in which, while deciding to grant pension, the non-regular service period of the petitioners was refused to be considered as a beneficiary of the pension by not adding them to their total service.

Referring to the Supreme Court’s decision in the Prem Singh case, the court said that not including the non-regular service period in the total service period of the permanent employees, despite having worked for the same number of years as the regular employees, is discriminatory and illegal. Is.

The court has clarified that in Section 2 of the Uttar Pradesh Pension Qualifying Service and Law Validation Act 2021, qualifying qualification for pension means service. The Court held that a temporary employee has rendered his services even before they were made permanent, even if those services were rendered after they were made permanent or were of a temporary nature.

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The Modi government had started a pension scheme a few years ago for the employees of the country’s informal sector . Pradhan Mantri Shram Yogi Maan-Dhan was started in 2019 by the Ministry of Labor and Employment. Under this scheme, Married Couple has to invest Rs 200 per month, due to which they will get an annual pension of Rs 72,000 after retirement.

What is Pradhan Mantri Shram Yogi Maan-Dhan Yojana?

Unorganized workers are mostly street vendors, mid-day meal workers, head loaders, brick kiln workers, cobblers, rag pickers, domestic workers, washer men, rickshaw pullers, landless labourers, agricultural workers, construction workers, beedi makers, handloom workers, Engaged as leather workers, audio-visual workers and other similar occupations and having a monthly income of Rs.15,000 per month or less and in the entry age group of 18-40 years are eligible for the scheme .

These workers are not covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organization (EPFO) and they do not come under the tax net.

This is how pension can be taken under PM-SYM scheme?

Here is a simple calculation to understand how a married couple can earn an annual pension of Rs 72,000. For example, if an individual is 30 years old, the monthly contribution to the scheme would be around Rs 100 per month – thus a couple’s contribution per month would be Rs 200. In this way, the annual contribution of that couple will be Rs 2,400. After the age of 60 years, the couple will get Rs 72,000 annually as pension (Rs 72,000 annual pension for couple).

Key Features of Pradhan Mantri Shram Yogi Maan-Dhan Yojana

Minimum Assured Pension: Under PM-SYM, every subscriber will get a minimum assured pension of Rs 3,000 per month after attaining the age of 60 years.

Family Pension: If the subscriber dies while receiving the pension, the spouse of the beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension. Family pension is applicable only for the spouse.

How to enroll for PM-SYM scheme?

Subscriber must have mobile phone, savings bank account and Aadhaar number. Eligible subscribers can enroll for PM-SYM by visiting nearest CSC and using Aadhaar number and savings bank account/Jan-Dhan account number on self-certification basis.

The post Married Couple Pension Plan: Good News! On depositing Rs 200 a month, you will get Rs 72000 every year first appeared on Rightsofemployees.com.