Who doesn’t want a secure and comfortable life after retirement or during old age? Recently, Insurance regulator IRDA has recently asked all insurance companies of the country to introduce Saral Pension Scheme across the states. The scheme which will start from April 1 this year will be a life annuity with a 100 percent return of the purchase price and offered guaranteed pension for life.
It must be noted that farmers can also register and take benefit of Saral pension scheme.
As per reports, unlike other schemes, the terms and conditions of Saral Pension Yojana will be very simple, clear and similar in different service provider companies.
That is, customers can avail Saral Pension Yojana from any company with the same conditions. There will be an option of giving only two annuities or annuities.
In any pension plan, an annuity means the amount that companies promise to pay annually in exchange for deposits. There is an option to choose the period on a monthly, quarterly, half-yearly or yearly basis. After retirement, this facility is available under the pension plan as a regular income.
Minimum Annuity Amount in Saral Pension Yojana
The minimum annuity amount in Saral Pension Yojana will be 1000 rupees per month. At the same time, it will be Rs 3000 for the quarter, Rs 6000 for the six months and Rs 12000 for the year. The policy can be surrendered at any time after 6 months from the date of commencement of policy. After the implementation of this scheme, it will become easier for the customers to choose the simple pension scheme.
What is special in Saral Pension Yojana
The biggest feature which makes Saral Pension Yojana special is that there will be a life annuity with a 100 percent return of the purchase price.
That is, the payment of annuity will be done to the person taking Saral Pension Yojana. Moreover, after the death of the insurance holder, his/her spouse will continue to get annuity. After the death of his/her spouce, his legal heir will get 100% of the purchase price back. That is, the amount of money the customer will invest, he will get it.
Direct link to apply for SBI saral pension yojana
https://www.sbilife.co.in/en/individual-life-insurance/traditional/saral-pension
