Saral Pension Scheme: This Yojana To Start From April 1; Check IRDAIs Plan And All Benefits

Saral Pension Plan Latest Updates: People, who are planning for an investment that will secure their retirement, here is a wonderful option for them. Saral Pension Plan could come to their rescue to a great extent. As per latest updates, the Insurance Regulatory and Development Authority of India (IRDAI) has instructed the insurance companies to start Saral Pension Plan from April 1. 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 insurer. Also Read – Violating Traffic Rules? You May Have to Pay Higher Motor Insurance Premium Soon | Details Here

Issuing guidelines, the IRDAI 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. Also Read – IRDAI Withdraws Long-term Package Policy, Auto Makers May Benefit

Moreover, the IRDAI has said it is important to launch personal immediate annuity with basic facilities and set protocols. The initiative of IRDAI will make it easy for consumers to select insurance plans. As per IRDAI guidelines, the Saral Pension Plan can be surrendered any time after six months from the date of commencement. Also Read – IRDAI Extends Grace Period For Life Insurance Policies Till May 31

Saral Pension Plan: Know the scheme in detail

As per IRDAI guidelines, the minimum annuity amount contribution for Saral Pension Yojana is Rs 1,000 per month, Rs 3,000 every three months, 6,000 every six months and Rs 12,000 in a year. IRDAI has said it is important to launch personal immediate annuity with basic facilities and set protocols. Experts are of the opinion that this initiative of IRDAI will make it easy for consumers to select insurance plans. As per IRDAI guidelines, the Saral Pension policy can be surrendered any time after six months from the date of commencement.

For the general information, the annual amount that is guaranteed by an insurance company against the deposited amount by consumers is called annuity. This annuity is given to investors as per pension plan after retirement for their daily needs. Investments in annuities grow tax-free until they are withdrawn or taken as income, typically during retirement.

How Saral Pension Plan is helpful?

The Saral Pension Plan could prove to be boon for employees of non-government offices.   As per IRDAI guidelines, an investor is assured of the amount invested, besides it will also provide benefits of annuity. A customer will continue to get benefits of annuity for his/her lifetime. This benefit is transferred to the spouse in case of death of the policy holders. The IRDAI said the more money you invest in a simple pension plan, the more money you will get. Apart from this, you will also get the benefit of annuity. The customer will continue to get the benefit of Annuity throughout his life and after his death the spouse will continue to receive annuity till his death. After this, on the death of the spouse, the legal heir will get 100% of the purchase price back.