InvestorQ : What is Saral Pension Yojana? Can you share the benefits and other details?
Ishita Jain made post

What is Saral Pension Yojana? Can you share the benefits and other details?

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vani Patil answered.
1 year ago
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It is a standard Individual Immediate Annuity Product announced by the Insurance and Regulatory Development Authority of India (IRDAI). The regulator has asked the insurance companies to start Saral Pension Plan from April 1, 2021. The said plan comes with two annuity options:

• Single Life Annuity
• Joint Life Annuity

Features:

• The minimum contribution will be Rs 1,000 per month, Rs 3000 for every 3 months, Rs 6000 for every six months, and Rs 12,000 for the year.
• This policy can be surrendered at any time after six months from the date of commencement.
• This plan provides a life annuity with a 100 percent return on the purchase price.
• After the death of the insurer, his spouse will continue to get the benefit of the annuity.
• After the death of Jeevan Sathi, his legal heir will get 100% of the purchase price back.
The main advantage of this plan is that the insured will have the option to get two annuities or annuities. So, if you want to receive the pension and other benefits for the life partner and yourself as well, you can choose this plan.
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