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Insurance policies and pension plans are sold by the insurance company 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, Saral Pension Scheme has been started by the Insurance Regulatory and Development Authority of India.
All the terms and conditions under this scheme will be simple, clear, and uniform. Today we are going to provide you complete information related to this scheme through this article. Like what is 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, then you are requested to read this article of ours till the end.
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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 citizens of the country. Different companies have different terms and conditions. Which is difficult for a common citizen to understand.
Keeping this in mind, the Insurance Regulatory and Development Authority of India has instructed all the insurance companies to start Saral Pension Scheme. This scheme will have to be launched by all the insurance companies from 1st April 2021. Under this scheme, all 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.
Also, See – NVSP Registration
Saral Pension Scheme launched
Saral Pension Scheme has been launched by the Life Insurance Corporation of India on 1st July 2021. The policyholder will have to pay a single premium while taking a policy through this plan. After which they will be given a pension. Apart from this, the loan can also be taken on the policy after the period of 6 months of taking the policy.
This plan is defined by LIC as a Non-Linked, Non-Participating, Single-Premium, and Individual Immediate Annuity Plan. Saral Pension Yojana 2021 will be conducted by the Insurance Regulatory and Development Authority of India. 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 on a monthly, quarterly, half-yearly, and yearly basis. For this, you will have to provide information about the period for which you want to get the pension while applying.
Options under Saral Pension Yojana
Saral Pension Yojana 2022 can be purchased by you through both online and offline means. 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 are as follows.
- Life Annuity with Return of Purchase Price: As per this option the pension amount will be provided to only one person. After the death of the pensioner, the base price will be paid to the nominee of the policy holder.
- Joint Life: According to the joint life option, both husband and wife will be associated with this scheme. Whoever survives for a longer period of time will continue to receive the pension amount. After the death of the husband, the wife will be given the full amount of pension. Similarly, after the death of the wife, the full amount of pension will be provided 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 2022
| scheme name | Saral Pension Scheme |
| who launched | Insurance Regulatory and Development Authority of India |
| beneficiary | Citizens of India |
| Objective | To reach the pension scheme to all the citizens with simple terms and conditions. |
| Official website | will be launched soon |
| Year | 2021 |
| Application Type | online/offline |
| start date | 1 April 2021 |
| Loan & Surrender Facility | is available |
| purchase price | as per annuity |
Saral Pension Scheme Annuity
Annuity means the amount that the insurance company provides to the customer annually in return for investment. Under Saral Pension Yojana 2021, the facility of giving annuity to the customer on investment is available. The tenure of an annuity can be chosen by the subscriber on a monthly, quarterly, half-yearly, or yearly basis. To avail of this scheme, the customer has to pay a purchase price. This 100% amount of the purchase price will be refunded after the death of the customer. 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 death of the spouse, 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 2021 Minimum Annuity Amount
| Period | minimum amount |
| monthly | ₹1000 |
| quarter | ₹3000 |
| half-yearly | ₹6000 |
| annually | ₹12000 |
Saral Pension Scheme 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. If the subscriber dies, the life partner of the subscriber can also get a loan against the policy after the death of the subscriber. The customer will have to pay interest on the loan. Apart from this, the facility of surrendering the policy after 6 months of purchase of the policy under Saral Pension Yojana is also available in case of any serious illness of the life partner or children of the subscriber. 95% of the purchase price will be refunded on surrender of the policy. If any loan is taken against the policy, then the loan amount will also be deducted from the purchase price.
Saral IRDAI Pension Yojana 202l objective
The main objective of the Saral Pension Yojana is to remove the difficulty faced by all the citizens of India in understanding the pension scheme. Saral Pension Yojana will be started by all the insurance companies through this scheme. Which will have simple terms and conditions and the terms and conditions of all companies will be the 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.
Also, See – AIMS Portal
Benefits and Features of Saral Pension Yojana
- Saral Pension Yojana 2021 has been started by the Insurance Regulatory and Development Authority of India.
- This scheme will be started by all the insurance companies from April 1, 2021.
- Under this scheme, all the insurance companies will have to keep simple and clear terms and conditions which will be 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 annuity on investment.
- The tenure of annuity can be chosen by the subscriber on a monthly, quarterly, half yearly or yearly basis.
- To avail this scheme the customer has to pay a purchase price.
- 100% of this purchase price will be refunded upon the death of the customer.
- The annuity will be paid to the customer for life.
- Annuity will be paid to the life partner after the death of the subscriber.
- After the death of the spouse, 100% of the purchase price will be returned to the legal heirs of the customer.
- Maturity benefit will not be provided under this scheme.
- Loan facility is also available under Saral Pension Yojana .
- 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 death of the customer.
- The customer has to pay interest on the loan.
- The policy can also be surrendered after 6 months of purchase of the policy 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.
Important Documents to Apply for Saral Pension Yojana 2022
- 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 under Saral Pension Yojana then you have to follow the following procedure.
- First of all, you have to visit the official website of the insurance company or bank .
- 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 of Apply Now.
- Now the application form will open in front of you.
- You have to enter all the important information asked 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 be able to apply online under Saral Pension Yojana.
Process to apply offline under Saral Pension Yojana
If you want to apply offline under Saral Pension Yojana then you have to follow the following procedure.
- First of all 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 enter all the important information asked in the application form carefully.
- After this you have to attach all the important documents from the application form.
- Now you have to submit this application form to the insurance company’s office.
- In this way you will be able to apply offline under Saral Pension Yojana.