From April 1, the insurance regulator IRDA has asked life insurance companies to introduce the Saral Pension Scheme. For this, the Insurance Regulatory and Development Authority has directed life insurance companies. Under Saral Pension Plan, there will be only two annuity (annuity) option in the name of the insurer. As per the guidelines issued by IRDA, maturity benefits will not be available under Saral Pension Plan. However, there will be an option to refund 100% of the purchase price.
The IRDA guidelines state that the policy can be surrendered at any time after six months from the date of commencement of Saral Pension Scheme. Also, the minimum annuity amount will be one thousand rupees per month, three thousand rupees per quarter, six thousand rupees per half year or 12 thousand rupees annually. IRDA has stated that it is extremely important to launch a personal instant annuity with common features and standard terms and conditions. According to IRDA guidelines, the policy can be surrendered at any time after 6 months from the date of commencement of policy. At the same time, experts say that this initiative of IRDA will make it easier for consumers to choose the plan.
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What is an annuity?
When the insurance company promises to give an annual amount in lieu of your deposited amount in a pension scheme, it is called an annuity (annuity). There is an option to choose the period on monthly, quarterly, half-yearly or yearly basis. This is available under the pension plan for regular income after retirement. This scheme can prove to be very important for non-government employees.
Why simple pension scheme is beneficial
According to IRDA, the more money you invest in this scheme, the more money you will get. This plan guarantees a life annuity with a 100 percent return of the purchase price. This means that the annuity will be paid to the customer for a lifetime and after his or her death, the spouse will continue to receive the annuity until his or her death. After this, on the death of the spouse, the legal heir will get 100% of the purchase price back.
Explain that on the instructions of insurance regulator IRDA, insurance companies have started offering simple insurance policy from January 1. It is known that insurance companies sell pension schemes under different names like insurance policies. She also claims to be the best. Due to which it is very difficult for consumers to choose among them. Many times such products are also sold to consumers by pretending to have a similar name. That is why IRDA has asked to introduce a simple pension plan with one-of-a-kind conditions and facilities.
