The insurance policy and pension plan are sold under different names by the insurance company. Each insurance company describes its policy as superior to the policy of another company. This is why citizens face difficulties in choosing the right policy. Keeping this in mind, the 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 our article. Like what is a simple pension scheme? Its purpose, benefits, features, eligibility, important documents, application process etc. So friends, if you want to get complete information related to this scheme then you are requested to read this article till the end.
Simple Pension Scheme 2021
As you all know, there are various insurance companies in our country that offer different types of pension schemes to the citizens of the country. All 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 insurance companies to start the Saral Pension Scheme. This scheme will have to be started by all insurance companies from 1 April 2021. Under this scheme, all insurance companies have to keep simple and clear terms and conditions. All these terms and conditions will be the same for all companies. Which means that if the customer avails the scheme from any company, he will get the same terms and conditions.
Simple pension scheme annuity
Annuity means the amount that the insurance company provides to the customer annually in return for investment. Under the Saral Pension Yojana 2021, the facility of providing annuity to the customer on investment is available. The duration of the annuity can be selected by the customer on a monthly, quarterly, half-yearly or yearly basis. To avail the scheme, the customer has to pay a purchase price. 100% of the purchase price will be returned after the death of the customer. Annuity will be paid to the customer throughout his life. After the death of the customer, the amount of annuity will be paid to his spouse. After the death of the spouse, 100% of the purchase price will be returned to the legal heir of the customer. Maturity benefit will not be provided under this scheme.
Key Highlights Of Saral Pension Yojana 2021
| Name of the scheme | Simple pension scheme |
| Who launched | Insurance Regulatory and Development Authority of India |
| Beneficiary | Citizens of India |
| an objective | To make the pension scheme accessible to all citizens with simple terms and conditions. |
| Official website | Will be launched soon |
| year | 2021 |
| Application type | Online / offline |
| Start date | 1 April 2021 |
| Loan and surrender facility | is available |
| Purchase price | According to annuity |
Simple Pension Scheme Minimum Annuity Amount
| Period | minimum amount |
| Monthly | ₹1000 |
| Quarter | ₹3000 |
| Half yearly | ₹6000 |
| Yearly | ₹12000 |
Simple Pension Scheme Loan Facility and Surrender
Loan facility is also available under this scheme. 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 will have to pay interest on the loan. Apart from this, if the life partner or children of the customer get any type of serious illness, then in this situation the facility to surrender the policy after 6 months of buying the policy under Saral Pension Scheme is also available. On surrendering the policy, 95% of the purchase price will be refunded. If any type of loan is taken on the policy, then the loan amount will also be deducted from the purchase price.
The objective of IRDAI Saral Pension Yojana 2021
The main objective of Saral Pension Scheme is to remove the difficulty faced by all citizens of India in understanding the pension scheme. Saral Pension Yojana will be started by all 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 the common citizens will be able to understand the terms and conditions and they will not have to face difficulties in choosing the policy. The scheme will be launched across India from 1 April 2021. Now the customer will get the same terms and conditions of all insurance companies through this scheme.
Benefits and features of Saral Pension Scheme
- Saral Pension Yojana 2021 has been initiated by the Insurance Regulatory and Development Authority of India.
- The scheme will be launched by all insurance companies from April 1, 2021.
- Under this scheme, all 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 with an annuity on investment.
- The duration of the annuity can be selected by the customer on a monthly, quarterly, half-yearly or yearly basis.
- To avail the scheme, the customer has to pay a purchase price.
- 100% of this purchase price will be refunded after the death of the customer.
- Annuity will be paid to the customer throughout his life.
- After the death of the customer, the annuity will be paid to his spouse.
- 100% of the purchase price will be returned to the legal heir of the customer after the death of the spouse.
- Maturity benefit will not be provided under this scheme.
- Loan facility is also available under Saral Pension Scheme .
- This loan can be availed after 6 months of purchasing the policy.
- After the death of the customer, after the death of the customer, the life partner of the customer can also get a loan.
- The customer will have to pay interest on the loan.
- If the client’s life partner or child gets any serious illness, then in that case the policy
- can also be surrendered after 6 months of purchasing the policy.
- On surrendering the policy, 5% of the purchase price will be refunded.
Eligibility for simple 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 customer should be 80 years.
Important documents to apply in Saral Pension Yojana 2021
- Aadhar Card
- Bank account statement
- Ration card
- Address proof
- Income certificate
- Passport size photograph
- mobile number
Procedure for online application under Saral Pension Scheme
If you want to apply online under Saral Pension Yojana then you have to follow the following procedure.
- First of all you have to go to 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 Scheme.
- After this, 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 such as
- your name, age, mobile number etc.
- After this you will have to attach all the important documents.
- Now you have to click on submit option.
- Thus you will be able to apply online under Saral Pension Yojana.
Procedure for applying offline under Saral Pension Scheme
If you want to apply offline under Saral Pension Scheme 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 Scheme from there.
- After receiving the application form, you have to carefully enter all the important information asked in the application form.
- After this you will have to attach all the important documents from the application form.
- Now you have to submit this application to the insurance company office.
- In this way, you will be able to apply offline under Saral Pension Scheme.
