What Is Saral Pension Yojana?

Saral Pension Scheme is a standard individual immediate annuity which is prefixed by the insurer’s name which offers regular annuity to life after retirement. The premium needs to be paid for the entire policy tenure as chosen between 10 to 40 years in this plan.This scheme is available invarious private banks and you should choose this scheme after the retirement as it has more benefits and some unique features and the price range is also appreciable. If you’re planning to take up this scheme,you must make sure you’re eligible for the Saral Pension Yojana Scheme.

What Are The Features Of Saral Pension Yojana?

Some of the features of Saral Pension Yojana are,

  • Saral Pension Yojana is a single payment, non-Participating, non-linked annuity plan with 100% return of purchase price.

  • Saral Pension offers two annuity options such as, Joint life annuity with 100% annuity in case of demise of the primary annuitant; Return of 100% purchase price in case of demise of the last survivor,

  • It is a single premium payment and with an immediate annuity policy

  • The annuity payment mode will be Monthly, Quarterly, Half-yearly and Yearly.

What Is Saral Pension Scheme Eligibility Criteria?

The eligibility criteria to take up the Saral Pension Scheme are given below.

  • The entry age for Saral Pension Scheme is a minimum of 40 years from last birthday and a maximum of 80 years from last birthday.

  • The purchase price differs based on the annuity amount that you choose.

  • The Saral Pension Yojana policy period is a whole life policy.

  • The annuity amount that you can choose to pay is Rs 12,000 yearly, Rs 6000 half-yearly,Rs 3000 Quarterly and Rs 1000 monthly.

What Is Saral Pension Scheme Price Range?

The table given below explains the pricing of Saral Pension for various ranges.

Saral Pension Scheme Band Purchase Price Range of Saral Pension Scheme
Band 1 Less than Rs 2,00,000
Band 2 Rs 2,00,000 to less than Rs 5,00,000
Band 3 Rs 5,00,000 to less than Rs 10,00,000
Band 4 Rs 10,00,000 to less than Rs 25,00,000
Band 5 Rs 25,00,000 and more

What Are The Benefits Of Saral Pension Scheme?

Some of the benefits that you should take a note are,

Maturity Benefit

Survival Benefit

Death Benefit

  • In the case of a single annuity, 100% of the purchase price is offered to the nominee or the legal heirs after the annuitant’s death. 

  • In case of a joint annuity, after the annuitant’s demise, the purchase price will be offered to the spouse, and in case of spouse’s demise, the 100% purchase price is offered to the legal heirs.

  • In the spouse’s demise, the annuitant will receive the 10% purchase price and be offered to the legal heirs.

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Policy Surrender 

  •  In case the annuitant or their spouse or children have been diagnosed with any critical illness as specified in the policy document, they can surrender the policy after 6 months from the commencement of the policy.

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