This facility is available to the investor under the pension plan. This scheme can prove to be very important for non-government employees.
Saral pension scheme: Insurance companies have started Saral pension scheme from April 1, 2021. Insurance regulator IRDAI had on January 25 issued instructions to insurance companies to implement the Saral Pension Scheme. In Saral Pension Plan, policyholders will be able to choose 2 types of annuity plans. All insurance companies will bring a standard policy in the market by the name of Saral Pension Yojana on or before April 1, 2021. The rates of the plans of all the companies may be different. But, the name of the pension will be Saral Pension. Next to this, the company whose policy will be taken, the name of that company will be attached.
What is Annuity?
The annual amount that the insurance company promises to give in return for your deposited amount in a pension plan is called annuity. This facility is available to the investor under the pension plan for regular income after retirement. This scheme can prove to be very important for non-government employees.
Pension will start immediately
Saral pension scheme is an immediate annuity plan. Meaning his pension will start as soon as he takes the policy. Customers will have the option to choose whether the pension should be every month or quarterly, half yearly or annually. The pension will start according to the mode that the subscriber will choose. If you choose monthly, then pension will start after one month, after three months in quarter, after six months in half yearly and after one year in yearly.
There are two options in the
pension plan Saral pension scheme is a single premium pension plan. The full premium has to be paid as soon as the policy is taken. After this, the amount of a fixed pension will continue to be received for the whole life. There will be two options in the pension plan. First, a life annuity with 100% return of purchase price. This pension will be for single life. Meaning, as long as the policyholder is alive, he will continue to get pension. After that, the nominee of the policyholder will get the base premium amount. The second option is given for joint life. In this, both husband and wife will be eligible for pension. The one who survives for a longer period will continue to get pension. Both the holders will get equal amount of pension. When both are not alive, then the nominee will get the base price money.
Who can take the policy?
In Saral Pension Yojana, any person (male or female) of 40 years can buy the policy. A person of maximum age of 80 years can take this scheme. The amount of minimum investment will be decided on the basis of minimum pension in the scheme. If you want to take advantage of monthly pension, then at least one thousand rupees will have to be invested in the month. Similarly, for quarterly pension, at least 3 thousand will have to be invested in a month. In this, whole life pension is available. If you have a serious illness and need money for treatment, then you can withdraw the money deposited in Saral Pension Yojana. Under this, some list of critical diseases have been given, for which the money can be withdrawn by surrendering the policy.
The benefit
of loan is also available. There is also an option to take loan in Saral Pension Plan. You can apply for the loan after 6 months from the start of the scheme. It is important to know how much money will be invested and how much money will be received. Its information has not been given yet because this scheme will be applicable from April 1. The terms and conditions will be decided only after they come into force.
