The insurance company sells insurance policies and pension plans under different names. Every insurance company tells its policy to be better than the policy of other companies. Because of this, citizens face difficulties in choosing the right policy. Keeping this in mind, India’s Insurance Regulatory and Development Authority has Saral Pension yojana initiated. All the terms and conditions under this scheme will be simple, clear, and uniform. Today, we will provide you with complete information related to this scheme through this article. Like what is LIC Saral Pension Yojana? Its purpose, benefits, features, eligibility, important documents, the application process, etc. So friends, if you want to get complete information related to this scheme, you are requested to read this article of ours until the end.
Saral Pension Yojana 2021
As you all know, there are various insurance companies in our country that provide different types of pension plans to the country’s citizens. Different companies have different terms and conditions, which is difficult for a common citizen to understand. Keeping this in mind, India’s Insurance Regulatory and Development Authority has issued notices to all the insurance companies. Saral Pension Scheme Instructions are given to get started. This scheme will have to be launched by all the insurance companies from 1st April 2021. Under this scheme, all the insurance companies will have to keep simple and clear terms and conditions. All these terms and conditions will be the same for all companies. This means that if the customer takes advantage of this scheme from any company, he will get the same terms and conditions.
Saral Pension Scheme launched
On 1st July 2021, Saral Pension Scheme Launched by the Life Insurance Corporation of India. The policyholder will pay a single premium while taking a policy through this plan. After which they will be given a pension. The loan can also be taken against the policy after 6 months of taking the policy. LIC defines this plan as a Non-Linked, Non-Participating, Single-Premium, and Individual Immediate Annuity Plan. Saral Pension Yojana 2021 It will be operated by India’s Insurance Regulatory and Development Authority. The special feature of this plan is that it is an Immediate Annuity plan. This means that the pension will start as soon as the policy is purchased.
You can get a pension through this scheme monthly, quarterly, half-yearly, and yearly. For this, you will have to provide information about the period for which you want to receive the pension while applying.
Options under Saral Pension Yojana
It can be purchased by you both online or offline. The minimum annuity under this scheme is ₹ 12000 per annum. Further, the minimum purchase price will depend on the annual mode, the option opted, and the age of the policy taker. No limit has been fixed on the maximum purchase price under this scheme. Citizens of 40 to 80 years can buy Saral Pension Yojana. Under this scheme, the beneficiary will have to invest at least Rs 1,000 per month. Two options have been prescribed to buy this plan which is as follows.
- Life Annuity with Return of Purchase Price: According to this option, a pension will be provided to only one person. After the death of the pensioner, the base price will be paid to the nominee of the policyholder.
- Joint Life: According to the joint-life option, both husband and wife will be associated with this scheme. Whoever survives for a longer period will continue to receive the pension amount. After the husband’s death, the wife will get the full amount of pension. Similarly, after the wife’s death, the full amount of pension will be given to the husband. No deduction will be made in the amount of pension. After the death of both husband and wife, the base price will be paid to the nominee.
Key Highlights Of Saral Pension Yojana 2021
|scheme name||Saral Pension Scheme|
|who launched||Insurance Regulatory and Development Authority of India|
|beneficiary||citizens of india|
|an objective||To reach the pension scheme to all the citizens with simple terms and conditions.|
|official website||will be launched soon|
|start date||1 April 2021|
|Loan & Surrender Facility||is available|
|purchase price||according to annuity|
Senior Pension Insurance Scheme
Saral Pension Scheme Annuity
Annuity means the insurance company’s amount to the customer annually in return for investment. The facility of paying annuity to the customer on investment is available under The tenure of an annuity can be chosen by the subscriber on a monthly, quarterly, half-yearly, or yearly basis. The customer has to pay a purchase price to avail of this scheme. This 100% amount of the purchase price will be refunded after the customer’s death. The annuity will be paid to the subscriber for life. The annuity amount will be paid to the life partner after the death of the subscriber. After the spouse’s death, 100% of the purchase price will be returned to the legal heirs of the customer. Maturity benefits will not be provided under this scheme.
Saral Pension Yojana Calculator
Saral Pension Yojana Loan Facility and Surrender
A loan facility is also available under this scheme. This loan can be taken after 6 months of buying the policy. In case the customer dies, the life partner of the customer can also get a loan against the policy after the customer’s death. The customer has to pay interest on the loan. Apart from this, if the life partner or children of the customer gets any serious illness, then in this situation Saral Pension Scheme, the facility of surrendering the policy is also available under the policy after 6 months of purchase. 95% of the purchase price will be refunded on surrender of the policy. If any loan is taken against the policy, the loan amount will also be deducted from the purchase price.
IRDAI Saral Pension Yojana 2021 purpose of
Saral Pension Scheme The main objective of the scheme is to remove the difficulty faced by all the citizens of India in understanding the pension scheme. Saral by all insurance company through this plan Pension Yojana will be started. Which will have simple terms and conditions and the terms and conditions of all companies will be same. So that it will be easy for common citizens to understand the terms and conditions and they will not face difficulties in selecting the policy. This scheme will be launched across India from 1st April 2021. Now the customer will get the same terms and conditions of all the insurance companies through this scheme.
Benefits and Features of Saral Pension Scheme
- It was launched by the Insurance Regulatory and Development Authority of India.
- All the insurance companies will start this scheme on April 1, 2021.
- Under this scheme, all the insurance companies will have to keep simple and clear terms and conditions uniform.
- Now customers will get the same conditions if they take advantage of this scheme from any company.
- Under this scheme, customers will be provided an annuity on investment.
- The subscriber can choose the tenure of an annuity on a monthly, quarterly, half-yearly, or yearly basis.
- The customer has to pay a purchase price to avail of this scheme.
- 100% of this purchase price will be refunded upon the customer’s death.
- The annuity will be paid to the subscriber for life.
- An annuity will be paid to the life partner after the death of the subscriber.
- After the spouse’s death, 100% of the purchase price will be returned to the legal heirs of the customer.
- Maturity benefits will not be provided under this scheme.
- A loan facility is also available under
- This loan can be taken after 6 months of buying the policy.
- If the customer dies, then the life partner of the customer can also get the loan after the customer’s death.
- The customer has to pay interest on the loan.
- The policy can also be surrendered after 6 months of purchase if the life partner or child of the subscriber suffers any serious illness.
- 5% of the purchase price will be refunded on surrender of the policy.
Eligibility for Saral Pension Scheme
- The applicant must be a permanent resident of India.
- The minimum age of the customer should be 40 years.
- The maximum age of the subscriber should be 80 years.
Saral Pension Yojana 2021 IMPORTANT DOCUMENTS TO APPLY IN
- Aadhar Card
- Bank account statement
- Ration card
- Address proof
- income certificate
- passport size photograph
- mobile number
Process to apply online under Saral Pension Yojana
If you want to apply online, you have to follow the following procedure.
- First of all, you have to contact the insurance company or bank. The official website will go on.
- Now the home page will open in front of you.
- On the home page, you have to click on the option of Saral Pension Yojana.
- After that, you have to click on the link to Apply Now.
- Now the application form will open in front of you.
- You have to enter all the important information in the application form like your name, age, mobile number, etc.
- After this, you have to attach all the important documents.
- Now you have to click on submit option.
- In this way, you will apply online under Saral Pension Yojana.
Process to apply offline under Saral Pension Yojana
If you want to apply offline under Saral Pension Yojana, you must follow the following procedure.
- First, you have to go to the nearest insurance company or bank office.
- Now you have to get the application form of Saral Pension Yojana from there.
- After receiving the application form, you have to carefully enter all the important information asked in the application form.
- After this, you must attach all the important documents from the application form.
- You have to submit this application form to the insurance company’s office.
- In this way, you will apply offline under Saral Pension Yojana.