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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.
All you wanted to know about Saral Pension plan × In order to simplify insurance product choice for lay investors, the insurance regulator, IRDAI, has been introducing standard products with uniform features in both life and non-life insurance. Recently, a new product has been added to the list the immediate annuity plan, Saral Pension, which all life insurers have to offer from April 1, 2021.
What is it? An annuity plan helps an individual to receive a regular payment from an insurer for life, after making a lump-sum or regular payment for a certain period. There are usually two types of annuity plans immediate and deferred. Saral Pension is an immediate annuity plan where the policyholder or the investor makes a lumpsum payment upfront and the annuity payment starts immediately. The product offers pension for lifetime. In industry jargon, Saral Pension is a single premium, non-linked, non-participating immediate annuity plan. This means that it offers a guaranteed return that does not depend on markets or the insurers’ profits. Like other annuity plans, Saral Pension doesn’t have any cap on the investment amount.
Updated Feb 04, 2021 | 06:06 IST Irdai earlier directed life insurance providers to offer a standard immediate plan named ‘Saral Pension’. Here s how its better than other annuity plans and offers better liquidity Saral pension plans offer higher liquidity, flexibility to buyers; here s how | Photo Credit: Thinkstock Retirement planning is critical for those who do not plan to work till the end of their days in order. It is necessart to have a steady flow of income in twilight years. For the purpose, annuity plans are specifically designed to provide a regular income stream to the investor upon the investment of a lump sum amount.
The insurance regulator has mandated yet another standard product, this time in the pension space. Find out if it deserves a place in your retirement portfolio.
BT Insight: Simplicity, liquidity key features of IRDA s Saral Pension Yojana The Saral Pension policy can be surrendered any time after six months from the date of commencement, if the annuitant or the spouse or any of the children of the annuitant is diagnosed as suffering from any of the critical illnesses specified in the policy document KEY HIGHLIGHTS The scheme comes with one-time lump sum purchase and return of purchase price Only two annuity options - single life annuity, joint life annuity One may take loan against the policy after six-month of the purchase Surrender option is available in case of a critical illness of a family member