Individual immediate annuity packages are available from a number of life insurance companies in India. These products come in a variety of features, annuity alternatives, and terms and conditions. In order to ensure uniformity among all insurers and provide a product that is available at all life insurance firms and will primarily meet the demands of the average client, the IRDAI has established a standard individual instant annuity product. Simple features and traditional terms and conditions will be present in the standard Saral Pension immediate annuity product. Every life insurance company will start providing the Saral Pension Yojana on April 1, 2022. Face your future with confidence thanks to the India First Life Saral Pension Yojana. In this post, we go over all the key details of the Saral Pension Yojana, including its goals, rewards, requirements for eligibility, the application process, and much more.

Saral Pension Yojana

The IndiaFirst Life Saral Pension Yojana is a standalone, non-linked, non-participating immediate annuity plan with a single premium. In this Saral pension plan, two distinct annuity choices are available. Your chosen plan will determine the type of recurrent income you receive under the Saral Pension Yojana. As a full life plan, IndiaFirst Life’s saral pension yojna guarantees a lifetime income to the insured. Depending on the annuity option you select in this individual instant annuity plan, your spouse may also be qualified to receive annuity payments for the rest of their lives. The IRDAI has asked all life insurance providers to offer Saral Pension a standard immediate annuity product in order to aid consumers’ decision-making. Making this a standard offer will also increase mutual trust between the insurer and insured and prevent policy mis selling.

Details of Saral Pension Yojana

Name of Yojana Saral Pension Yojana
Introduced By Life Insurance Company
Purpose of Yojana To provide the life ensured with a dependable annuity
Perks The nominee is given 100% of the purchase price in the case of a single life annuity.
Eligibility Requirement The candidate should be at least 40 years old
Beneficiaries Citizens of India
Official Website https://licindia.in/

Benefits of Saral Pension Yojana

The IndiaFirst Saral Pension Plan is advantageous and simple to understand. The saral pension yojna is maintained straightforward and free of superfluous extras in order to meet each person’s particular financial needs. The IndiaFirst Saral Pension Yojana’s feature-rich power-package makes it accessible to everyone.

  1. Advantages of surviving and accessible annuities

Depending on your needs, you can choose between two annuity options with the IndiaFirst Saral Pension Plan. The annuity rate is flat and absolutely guaranteed for life for both annuity types at the time of purchase.

  1. Life Annuity with a Refund of the Full Purchase Price (ROP)

As soon as the insurance coverage begins, the annuity will be paid in arrears based on the annuitant’s chosen annuity payment frequency throughout the remainder of the annuitant’s life. Upon the annuitant’s demise, the annuity payments will cease, and the nominee will be entitled to a complete refund of the purchase price. The IndiaFirst Saral Pension Plan expires when the death benefit is paid.

  1. Joint Life Last Survivor Annuity for Life with a 100% Return of Purchase Price (ROP) upon the death of the last surviving party

As soon as the insurance coverage begins, the annuity will be paid in arrears based on the annuitant’s chosen annuity payment frequency throughout the remainder of the annuitant’s life. Upon the death of either annuitant, the annuity payment continues for the other annuitant, and it is made in arrears for the remainder of the life of the last survivor. Upon the demise of the last remaining annuitant, the annuity payments cease, and 100% of the purchase price is paid to the annuitant’s nominee. The IndiaFirst Saral Pension Plan expires when the death benefit is paid.

  1. Death Bonus

The death benefit is paid under both annuity schemes following the annuitant’s demise. The insurance ends, the annuity payments stop, and 100% ROP is due when the death benefit is given, in accordance with the Life Annuity with ROP saral pension plan.

  1. Loan Opportunities

You are free to request for a loan at any moment following the first six months of the insurance. The secondary annuitant may ask for a loan under the Joint Life annuity option after the original annuitant has passed away.

  1. Tax Benefit

Tax benefits may be achieved on premiums paid and benefits received in accordance with current income tax regulations. Occasionally, these might change in accordance with government tax laws. Even when one annuitant passes away, the other annuitant still receives annuity payments under the Joint Life option. When the death benefit has been paid upon the passing of the final annuitant, the annuity payments cease, 100% ROP becomes due, and the policy is no longer valid.

The Saral Pension Yojana’s goal

A pension is regarded to as an essential source of support after an employee retires. In India, receiving a pension after leaving a job aids in a person’s independence. They feel less anxious as they age if they receive a pension. The facility to offer the policyholder an annuity on their investment has been made available under this Saral Pension Yojana plan. An annuity is the client’s return on investment provided by the insurance companies. Saral Pension provides a typical intermediate annuity plan for people. Consequently, you only need to pay for one premium. Your retirement benefits will soon start to kick in.

Features of Saral Pension Yojana

  1. Assured income

Because it is a complete life product, the IndiaFirst Life Saral Pension Plan gives you the assurance of a lifetime income, even after retirement.

  1. Pension options

You have two annuity options under the IndiaFirst Life Saral Pension Plan: the Life Annuity with Return of 100% of Purchase Price and the Joint Life Last Survivor Annuity for Life with Return of 100% of Purchase Price.The Life Annuity with Return of 100% of Purchase Price is a superb saral pension plan annuity solution for people who want to enjoy a consistent lifetime income while securing the financial future of their loved ones in the dreadful event of the policyholder’s passing.

  1. A serious illness surrender of saral pension policy

This clause of the IndiaFirst Saral Pension Plan allows you to surrender the saral pension plan and receive 95% of the original purchase price back when a serious illness diagnosis is received. You can use this feature only six months following the policy’s commencement date.

  1. A plan of variable annuity payments

Your single premium payment under your individual immediate annuity plan will start your annuity payments, which will start immediately. The frequency of annuity payments is entirely up to you. During retirement, you can choose to consistently receive a monthly, quarterly, half-yearly, or annual income.

  1. Tax Benefits

The premiums paid and benefits received may be eligible for tax benefits under the nation’s current tax laws.

Qualifications for the Saral Pension Yojana

● Candidates for the IndiaFirst Life Saral Pension Yojana must be at least 40 years old.
● The maximum age for the IndiaFirst Saral Pension Plan is 80 years old, and it is 70 years old for plans acquired through the POSP-LI and CPSC-SPV channels.
● The lowest single pay purchase price for the plan is one million rupees, while the maximum premium amount is uncapped.
● The minimum annuity amounts are Rs. 1,000 monthly, Rs. 3,000 quarterly, Rs. 6,000 half-yearly, and Rs. 12,000 annually; there is no maximum annuity amount.

Documents Required

● Age Valid
● Bank Information
● Identity Card Photo Contact Information
● Proof of Permanent Residence
● Identity documentation such as a voter’s card, PAN card, etc.
● Income Evidence

How to Apply for the LIC Saral Pension Yojana 2022

● The applicant must first access the LIC company’s official website link.
● Your screen will display the Hompage.
● You must select the Saral Pension Scheme tab from the homepage.
● Now that the application form has appeared in front of you, you can see that.
● Fill out the forms there and submit any necessary paperwork.
● Click the submit button in the last area to send your application.
● You can easily enrol yourself in the programme by following these simple steps.

Contact Information

On the official website, interested candidates can find all the information about the programmes. to simplify the program’s terms and conditions so that the typical individual can understand them.

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