Highlights Now, there will be an option to choose the period on a monthly, quarterly, half-yearly or yearly basis. The IRDAI in its guidelines said that the minimum annuity amount contribution for Saral Pension Plan is Rs 1,000 per month, Rs 3,000 every three months, 6,000 every six months and Rs 12,000 in a year. As per IRDAI guidelines, the Saral Pension policy can be surrendered any time after six months from the date of commencement. The Insurance Regulatory and Development Authority of India (IRDAI) has asked all the insurance companies to start Saral Pension Plan from April 1, 2021. This is a Standard Individual Immediate Annuity Product. As per Saral Pension Plan, there are only two annuity options – single life annuity, joint life annuity will be available to the insurer.