Explanation: Sanchay Plus is a retirement savings scheme offered by the Life Insurance Corporation of India (LIC). It is designed to provide financial security to individuals in their retirement years by offering various income options. However, these income options come with specific age restrictions that must be adhered to.
The Guaranteed Income Option is one of the income options available under Sanchay Plus. This option provides a guaranteed income for a specified period, typically ranging from 5 to 20 years. The eligibility for this option is generally restricted to individuals who are younger than 65 years of age. The primary reason for this restriction is that the Guaranteed Income Option is designed to provide a steady income stream over a defined period, which is more suitable for individuals who are still in their working years or have a longer life expectancy.
The Long Term Income Option is another income option available under Sanchay Plus. This option provides income over a longer period, often extending beyond the typical retirement age. However, similar to the Guaranteed Income Option, the Long Term Income Option also has age restrictions. Individuals aged 65 are not eligible for this option because it is intended for those who have a longer life expectancy and can benefit from the extended income period.
The Life Long Income Option is the third income option available under Sanchay Plus. This option provides income for the lifetime of the policyholder. However, this option also has specific age restrictions. Individuals aged 65 are not eligible for the Life Long Income Option because the scheme is designed to provide income for the remaining lifetime of the policyholder, and the age of 65 is considered too advanced for this option.
In conclusion, none of the income options listed (Guaranteed Income Option, Long Term Income Option, and Life Long Income Option) are available to individuals aged 65. The age restrictions imposed by the Sanchay Plus scheme ensure that the income options are suitable for the policyholder's life expectancy and financial needs. Therefore, the correct answer is (D) None of the above.