Saral Pension Yojana

Saral Pension Yojana Online | Saral Pension Scheme Registration 2021 | IRDAI Saral Pension LIC | सरल पेंशन योजना |

The Insurance Regulatory and Development Authority of India (IRDAI) has instructed all insurance companies in the country to introduce Saral Pension Scheme across the country. It is a सरल पेंशन योजना as an intermediate annuity scheme ie it is an immediate scheme. Under the scheme, the pensioner will start his pension as soon as he takes the policy. Insurance policies and pension plans are sold under different names by the insurance company. Each insurance company describes its policy as better than any other company’s policy. Hence citizens face difficulties in choosing the right insurance policy. Therefore, all the terms and conditions under this Saral pension terms will be simple, clear, and equal.

Saral pension scheme 2021

In India, various individual instant annuity policies are offered by life insurance companies. These products come with various features, annuity options and terms and conditions. To maintain uniformity among all insurers and to make the product available to all life insurers, IRDAI has introduced a standard individual immediate annuity plan. 

The Insurance Regulatory and Development Authority of India (IRDAI) has asked all life insurance companies to offer Saral Pension a standard immediate annuity product, aimed at providing customers with the option of choosing an insurance policy. In addition, this standard product will also increase trust between the insured and the insurer and also prevent mis-selling of the insurance policy.

Let us tell you that on January 25, IRDAI issued a circular to all the life insurance companies of the country, under which all insurance companies will issue a standard policy in the market called Saral Pension Yojana on or before April 1, 2021. The rate of this pension of all insurance companies may vary, but the name of this pension will be Saral pension Yojana. Further, the name of the company whose policy will be taken will also be included.

Saral pension yojana details 2021

Name of the schemeSimple pension scheme
Started ByInsurance Regulatory and Development Authority of India (IRDAI)
Launch dateApril 1, 2021
Type of schemepension scheme
BeneficiaryAll indian
ObjectiveProviding policy for citizens with simple terms and conditions
Official websiteinsurance Compony’s Website
Application modeOnline and offline

Scheme Annuity100% purchase price return

Annuity means the amount that the insurance company provides to the customer annually in return for investment. Facility of granting annuity to the customer on investment is available under Saral Pension  2021 . The duration of the annuity can be selected by the customer on a monthly, quarterly, half-yearly or yearly basis. The guidelines issued by IRDAI state that maturity benefits will not be included under the Saral Pension Scheme. However, the option to refund 100% of the purchase price will be included in the plan. It is a standard individual intermediate annuity product, that is, you will have to pay only one premium and immediately start getting pension, which will continue throughout the life.

According to Saral Pension Scheme you will have two annuity options, which include single life annuity and joint life annuity.

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Annuity Amount Of Saral Pension

PeriodAmount minimum
MonthlyRs. 1,000
QuarterlyRs. 3,000
Half-yearlyRs. 6, 000
YearlyRs.12,000

Surrender Of Saral pension policy

If the employer’s spouse discovers a critical illness specified in the policy document, the assistant may surrender the policy at any time after 6 months from the date of issue of the policy. The list of critical illnesses may be revised by the Authority from time to time as required. On surrender of the policy, 95% of the purchase price will be paid annually, if the outstanding amount on the loan and interest on the loan is less, if any. The policy will terminate as soon as the surrender value is paid.

Loan under Saral Pension Scheme

The loan facility is also available under IRDAI Saral Pension Yojana. This loan can be availed after 6 months of purchasing the policy. If the customer dies, after the death of the customer, the life partner of the customer can also get a loan on the policy. The customer has to pay interest on the loan. The maximum loan amount that can be given under the policy should be that the effective annual interest amount payable on the loan does not exceed 50% of the annual annuity amount payable under the policy.

Objective of Saral Pension Yojana 2021

The Indian life insurance market currently has several individual instant annuity products marketed by life insurers, each product has its own characteristics, terms and conditions and annuity options. To maintain uniformity among insurers, and to provide a product by all life insurers that would broadly meet the needs of an average customer, offering a standard, individualized instant annuity product, with simple features and standard terms. Has an important purpose.

The main objective of the Saral Pension Scheme is to reduce the difficulty in understanding the pension scheme for all citizens of India. The scheme will have simple terms and conditions and all companies will have the same terms and conditions. So that common citizens can understand the terms and conditions and they do not face difficulties in choosing the policy.

Saral Pension Yojana Features

  • It is a single premium, non-participating, non-linked instant annuity plan.
  • Saral pension will provide two annuity options.
  • Payment of lifetime annuity with 100% return of purchase price
  • The plan offers a single premium payment option as it will be an immediate annuity policy.
  • The mode of annual payment is monthly, quarterly, half-yearly and yearly.
  • Now the customers will be able to buy the policy from different companies on the same terms and conditions.
  • Under this scheme, the customer will also get the facility of loan.
  • The policy can also be surrendered 6 months after purchasing the policy if the employer’s spouse or child has any serious illness.
  • 100% of the purchase price will be refunded to the legal heir in case of death of the life partner.
  • Customer will receive an annuity on investment
  • Maturity benefits will not be available under the scheme.

Saral Pension Scheme Eligibility Criteria

  • Applicant must be a permanent resident of India
  • The minimum age of the customer should be 40 years and maximum age should be 80 years.
  • The applicant will have to purchase this policy from a Jeevan Neem Company
  • Minimum monthly policy can be purchased for 1000 rupees

Documents required for Saral Pension application

  • Residence proof
  • Aadhar Card
  • Proof of identity
  • Bank details
  • Income proof
  • Proof of age
  • Mobile number
  • Passport size photo

Saral pension Yojana application online

If you  want to apply online for Saral Pension Yojana  , you can follow the procedure given below:

  • First of all visit the official website  of any life insurance company
  • Now click on Mojud Saral Pension Scheme on the homepage of the website
  • Now click on Apply Now link under the scheme
  • Now the application form will open in front of you
  • Fill the required information and click on submit button
  • Now upload the required documents and submit the form
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