IRDAI Saral Pension Scheme 2022: Online Registration Now Easy

IRDAI Saral Pension Scheme Insurance policies and pension plans are sold by the insurance company under different names. Each insurance company describes its policy as superior to the policy of another company. For this reason, citizens face difficulties in choosing the right policy. Keeping this in mind, Saral Pension Yojana has been started by the Insurance Regulatory and Development Authority of India.

All 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 this article. Like what is Saral Pension Yojana? 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.

IRDAI Saral Pension Scheme

As you all know that there are various insurance companies in our country which provide different types of pension plans to the citizens of the country. Different authorities have different rules. Which is difficult for a common citizen. Keeping this in mind, all insurance companies have been instructed to start simple pension scheme by the insurance regulators and mark the documents.

This scheme will have to start from 1st April 2021 in all insurance schemes. Under this scheme, all insurance authorities will maintain simple and clear rules and regulations. All these rules will be same for everyone. Whatsthat is that the customer makes the same rule and vector to take advantage of this plan from any company.

Key Highlights Of Saral Pension Yojana 2022

Sl No.Name of the Yojana Details
01Scheme NameSaral Pension Yojana
02Who LaunchedInsurance Regulatory and Development Authority of India
03BeneficiaryCitizens of India
04PurposeTo deliver pension scheme to all citizens with simple terms and conditions.
05Application Typeonline/offline
06Start Date1 April 2021
07Loan & Surrender Facilityis Available
08Purchase Priceby Annuity
09Official Websiteto be launched soon
10Year2022

Saral Pension Yojana launched

Saral Pension Yojana has been launched by the Life Insurance Corporation of India on 1 July 2021. The policy holder will have to pay a single premium while taking the policy through this scheme. After which they will be given pension. Apart from this, a loan can also be taken against the policy after a period of 6 months of taking the policy.

This plan is defined by LIC as a non linked, non participating, single premium and individual immediate annuity plan. Saral Pension Yojana 2022 will be operated by the Insurance Regulatory and Development Authority of India. The special thing about this plan is that it is an immediate annuity plan. This means that the pension will start as soon as the policy is bought.

You can get pension through this scheme on monthly, quarterly, half yearly and yearly basis. For this, while applying, you will have to provide information about the period in which you want to receive pension.

IRDAI Saral Pension Scheme

Saral Pension Yojana Annuity

Annuity means the amount that the insurance company provides annually to the customer in return for investment. Under Saral Pension Yojana 2022, the facility of giving annuity to the customer is available on investment. The annuity period can be chosen by the subscriber on monthly, quarterly, half-yearly or yearly basis.

To avail the benefits of this plan the customer has to pay a purchase price. 100% of the purchase price will be refunded after the death of the subscriber. Annuity will be paid for the lifetime of the subscriber. After the death of the subscriber, the annuity amount will be paid to his/her spouse. In the event of death of the spouse, 100% of the purchase price will be refunded to the legal heirs of the customer. Maturity benefit will not be provided under this plan.

Option under Saral Pension Yojana

Saral Pension Yojana 2022 can be purchased by you through both online or offline means. The minimum annuity under this plan is ₹ 12000 per year. Further, the minimum purchase price will depend on the annuity mode, the option chosen and the age of the policyholder.

No limit has been set for the maximum purchase price under this scheme. Citizens of 40 to 80 years can buy Saral Pension Yojana. Under this scheme, the beneficiary will have to invest at least 1 thousand rupees per month. Two options have been prescribed to buy this plan which is as follows.

Life Annuity with Return of Purchase Price: According to this option, the pension amount will be provided to a single person. After the death of the pensioner, the base price will be paid to the nominee of the policy holder.
Joint Life: According to the joint life option both husband and wife will be associated with this plan. Whichever of the two spouses survives for a longer period, they will continue to get the pension amount. After the death of the husband, the full amount of pension will be given to the wife.

Similarly, after the death of the wife, the full amount of pension will be given to the husband. No deduction will be made in the amount of pension. After the death of both husband and wife, the base price will be paid to the nominee.

Saral Pension Yojana 2022 minimum annuity amount

Sl No.DurationMinimum Amount
01Monthly₹1000
02Quarter₹3000
03Half Year₹6000
04Annual₹12000

Saral Pension Yojana Loan Facility and Surrender

Loan facility is also available under this scheme. This loan can be availed after 6 months of purchasing the policy. In case of death of the customer, the life partner of the customer can also avail loan against the policy after the death of the customer. The customer will have to pay interest on the loan.

Apart from this, if the customer’s life partner or children get any kind of serious illness, then in this situation the facility of surrendering the policy is also available after 6 months of purchasing the policy under Saral Pension Yojana. 95% of the purchase price will be refunded on surrender of the policy. If any kind of loan is taken against the policy, then the loan amount will also be deducted from the purchase price.

Benefits and features of Saral Pension Yojana

  • Saral Pension Yojana 2022 has been started by the Insurance Regulatory and Development Authority of India.
  • This scheme will be started 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 the customers will get the same conditions if they take advantage of this scheme from any company.
  • Under this scheme, annuity will be provided to the customers on investment.
  • The annuity period can be chosen by the subscriber on monthly, quarterly, half-yearly or yearly basis.
  • To avail the benefits of this plan the customer has to pay a purchase price.
  • 100% of this purchase price will be refunded after the death of the subscriber.
  • Annuity will be paid for the lifetime of the subscriber.
  • After the death of the subscriber, the annuity will be paid to his/her spouse.
  • In the event of death of the spouse, 100% of the purchase price will be refunded to the legal heirs of the customer.
  • Maturity benefit will not be provided under this plan.
  • Loan facility is also available under Saral Pension Yojana.
  • This loan can be availed after 6 months of purchasing the policy.
  • In case of death of the customer, the life partner of the customer can also avail the loan after the death of the customer.
  • The customer will have to pay interest on the loan.
  • If the spouse or child of the customer gets any kind of serious illness, then in that case the policy can also be surrendered after 6 months of purchasing the policy.
  • 5% of the purchase price will be refunded on surrender of the policy.

Objective of IRDAI Saral Pension Yojana 2022

The main objective of Saral Pension Yojana is to remove the difficulty faced by all the 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 it will be easy for the common citizens to understand the terms and conditions and they will not face difficulties in choosing the policy. This scheme will be started from 1 April 2021 all over India. Now the customer will get the same terms and conditions of all insurance companies through this scheme.

Eligibility for Saral Pension Yojana

  • It is mandatory for the applicant to be a permanent resident of India.
  • The minimum age of the customer should be 40 years.
  • The maximum age of the subscriber should be 80 years.

Important Documents

  • Aadhar card
  • Bank account statement
  • Ration card
  • Address proof
  • income certificate
  • passport size photograph
  • mobile number

Process to apply offline under Saral Pension Yojana LIC

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 Yojana LIC.
  • 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 like your name, age, mobile number etc.
  • After this you have to attach all the important documents.
  • Now you have to click on the submit option.
  • In this way you will be able to apply online under Saral Pension Yojana.

Process to apply online under Saral Pension Yojana LIC

If you want to apply offline under Saral Pension Yojana, 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 Saral Pension Yojana LIC application form from there.
  • After receiving the application form, you have to enter all the important information asked in the application form carefully.
  • After this you have to attach all the important documents with the application form.
  • Now you have to submit this application to the office of the insurance company.
  • In this way you will be able to apply offline under Saral Pension Yojana.

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