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All about Saral Pension Scheme

[ecis2016.org] Saral Pension Scheme: Know purpose, features and procedure for registration

Every insurance company claims its policy to be superior to the other firms. As a result, citizens have difficulty selecting the best policy. With this in mind, the Insurance Regulatory and Development Authority of India (IRDAI) established the Saral Pension Scheme. This scheme’s terms and conditions will be basic, clear, and consistent. 

IRDAI Saral Pension Yojana 2022: What is It?

The fundamental goal of the Saral Pension Yojana is to make it easier for all Indian citizens to understand the pension programme. Through this initiative, all insurance companies will launch the Saral Pension Yojana, which will have clear and identical terms and conditions. 

In our country, there are numerous insurance companies that offer various sorts of pension plans to residents. Terms and conditions vary from company to company.

The Insurance Regulatory and Development Authority of India has directed that all insurance companies implement the Saral Pension Scheme. From April 1, 2021, all insurance businesses must implement this approach. All insurance providers will be required to maintain simple and transparent terms and conditions under this programme. Irrespective of the company the consumer uses, they will receive identical terms and conditions.

The Insurance Regulatory and Development Authority of India will manage the Saral Pension Yojana 2022. This plan is unique as an immediate annuity plan, i.e., the pension will begin immediately when the coverage is purchased. This system provides pensions on a monthly, quarterly, half-yearly, and yearly basis. When applying, you must include information regarding the time period for which you wish to receive the pension.

Saral Pension Yojana: Benefits and features

  • The Insurance Regulatory and Development Authority of India has launched the Saral Pension Yojana 2022.
  • All insurance providers will participate in this programme beginning April 1, 2021.
  • Under this programme, all insurance companies would be required to maintain basic and transparent terms and conditions that are uniform.
  • Customers will now receive the same terms if they use this plan from any company.
  • Customers will receive an annuity on their investment under this arrangement.
  • The subscriber can select a monthly, quarterly, semi-annual, or annual annuity tenure.
  • To use this method, the customer must pay a purchase price.
  • Upon the customer’s death, the entire purchase amount will be returned.
  • The subscriber will get an annuity for the rest of his or her life.
  • After the subscriber’s death, an annuity will be given to the life partner.
  • Following the death of the spouse, the customer’s rightful heirs will get a full refund of the purchase price.
  • This arrangement will not provide maturity benefits.
  • Loans are also accessible under the Saral Pension Yojana.
  • This loan is available 6 months after purchasing the coverage.
  • If the customer dies, the customer’s life partner may be eligible for the loan following the customer’s death.
  • The customer is required to pay interest on the loan.

 

 Saral Pension Scheme: Eligibility 

  • The applicant must be an Indian permanent resident.
  • The subscriber must be at least 40 years old.
  • The subscriber’s maximum age should be 80 years old.

LIC Saral Pension Yojana: Important documents 

  • Aadhar card
  • Bank account statement
  • Ration card
  • Residence certificate
  • Certificate of income
  • Passport-size photo
  • Mobile number

LIC Saral Pension Plan: Steps to apply online

If you want to apply online for the Saral Pension Yojana, you must follow the steps below.

  • First and foremost, you must go to the insurance company’s or bank’s official website.
  • The home page will now appear in front of you.
  • You must select the Saral Pension Yojana option on the home page.
  • After that, you must click the Apply Now button.
  • The application form will now appear in front of you.
  • You must submit all of the required information in the application form, such as your name, age, mobile number, and so on.
  • Following that, you must attach all relevant documents.
  • You must now select the “submit” option.
  • You will then be able to apply online for the Saral Pension Yojana.

 

Saral Pension Yojana: Offline application procedure

  • If you want to apply for Saral Pension Yojana offline, you must follow the steps below. 
  • First and foremost, you must visit the nearest insurance provider or bank branch.
  • You must now obtain the Saral Pension Yojana application form from there.
  • You must carefully fill in all of the necessary information requested in the application form after getting it.
  • Following that, you must attach any relevant documents from the application form.
  • You must now return this application form to the insurance company’s headquarters.
  • You will be able to apply for the Saral Pension Yojana offline in this manner.

Saral Pension Scheme: Annuity 

The amount provided by the insurance company to the customer each year in exchange for an investment is referred to as an annuity. The Saral Pension Yojana 2022 provides the option of providing an annuity to customers who invest. The subscriber can select a monthly, quarterly, semi-annual, or annual annuity tenure. The customer must pay a purchase price to participate in this scheme. Following the death of the customer, the full purchase price will be returned. Following the death of the spouse, the customer’s rightful heirs will get a full refund of the purchase price.

Saral Pension Yojana: Annuity amount 

The Saral Pension Yojana 2022 is available for online and offline purchase. This scheme’s minimum annuity is Rs 12,000 per year. The minimum purchase price is determined by the annual mode, the option selected, and the policyholder’s age. There is no maximum limit on the purchase price. The Saral Pension Yojana is available to those aged 40 to 80. The beneficiary must invest at least Rs 1,000 every month, Rs 3000 every quarter, or Rs 6000 half-yearly under this scheme. The following are the two alternatives for purchasing this plan:

Life Annuity with return of purchase price

The pension amount will be granted to only one person under this choice. The base price will be paid to the policyholder’s nominee following the death of the pensioner.

 

Joint life option

Husband and wife will be associated with this scheme under the joint life option. Those who live for a longer period of time will continue to collect their pension. After the husband’s death, the wife will get the full amount of the pension and vice-versa. The pension amount will not be reduced. 

 

Saral Pension Yojana Loan: Facility and surrender

This system also includes a loan facility. This loan is available for 6 months after purchasing the coverage. If the subscriber dies, the subscriber’s life partner may obtain a loan against the policy. The customer is required to pay interest on the loan. Aside from that, the opportunity of surrendering the policy after 6 months of purchase under the Saral Pension Yojana is also available in case of critical illness of the subscriber’s life partner or children. When the policy is surrendered, 95% of the purchase price is refunded.If a loan is taken out against the policy, the loan amount will be removed from the purchase price.

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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