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IRDAI Saral Pension Yojana 2021: Online Registration, Premium Calculator, Eligibility & Details

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Short Info: [Apply Online] IRDAI Saral Pension Yojana 2021 – SBI Life, LIC – Saral Pension Plan Online Registration, Application Form PDF Download, Eligibility, Beneficiary List, Payment/ Amount Status, Features, Benefits, Premium Calculator, Interest Rate & Details and Check Online Application Status at Official Website irdai.gov.in. सरल पेंशन योजना ऑनलाइन आवेदन, रजिस्ट्रेशन फॉर्म, प्रीमियम कैलकुलेटर, उद्देश्य, पात्रता, लाभ.

Short Scheme Details:
Name of Scheme Saral Pension Yojana
Application Status Active
Scheme Benefit new annuity insurance plan
Scheme Published On 04/03/2021
Scheme Updated on  07/02/2021

Table of Content

सरल पेंशन योजना 2021: Saral Pension Yojana List, Status News Update

Latest News Update:
  • The Insurance Regulatory and Development Authority of India (IRDAI) has come up with a standard term insurance plan which will have to be compulsorily offered by all life insurers.
  • As per IRDAI guidelines, the Saral Pension policy can be surrendered any time after six months from the date of commencement.
  • Through this, senior citizens can get lifetime pension after retirement.

Saral Pension Yojana 2021 Apply Online @irdai.gov.in

Summary: All life insurance companies will mandatorily offer a standard individual immediate annuity product from April, asked by the Insurance Regulatory and Development Authority of India (IRDAI). Under Saral Pension policy, minimum annuity of Rs 1,000 per month, Rs 3,000 per quarter, Rs 6,000 per half year, and Rs 1,2000 per annum will be provided. The minimum entry age to buy this plan will be 40 years and the maximum will be 80 years. This will be a single premium, non-linked non-participating immediate annuity plan.

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All Applicants who are willing to apply online application then download the official notification and read all eligibility criteria and application process carefully. We will provide short information about “Saral Pension Yojana 2021” like Scheme Benefit, Eligibility Criteria, Key Features of Scheme, Application Status, Application process and more.

Saral Pension Yojana 2021 – Overview
Name of Scheme Saral Pension Yojana
in Language सरल पेंशन योजना
Launched by Insurance Regulatory and Development Authority of India
Beneficiaries Citizens of India
Major Benefit new annuity insurance plan
Scheme Objective To make the pension scheme accessible to all citizens with simple terms and conditions.
year 2021
Application type Online/offline
Start date 1 April 2021
Loan and surrender facility is available
Purchase price According to annuity
Scheme under Central Government
Name of State All India
Post Category Scheme/ Yojana/ Yojna
Official Website irdai.gov.in
Important Dates
Event Dates
Starting Date to Apply Online 01 April 2021
Last Date to Apply Online
Important Links
Event Links
Apply Online Registration | Login
Notification Click Here
Saral Pension Yojana 2021 Official Website

IRDAI Saral Pension Yojana Online Registration Process

Insurance regulator IRDA has asked life insurance companies to introduce the Saral Pension Scheme from April 1, 2021. Under the Saral Pension Plan, insurance companies will have the option of giving only two annuities (annuities). According to the guidelines issued by IRDA, it will not get maturity benefits under Saral Pension Plan. However, it will have an option to refund 100% of the purchase price.

For the application under Saral Pension Scheme, the age of the applicant should be 18 years. You can apply yourself by going to the official website of the scheme. Applicant should have Aadhaar card, PAN card, bank passbook, residence certificate and passport size photo.

All Eligible Applicants who want to apply to this scheme then read all instructions carefully and follow the given below steps to apply online application form:

Procedure to Apply Online Saral Pension Yojana Application Form 2021

Step 1- Visit the Official Website of Saral Pension Yojana through insurance company or bank i.e. irdai.gov.in.

Step 2- On the Homepage, you have to click on the option of Saral Pension Scheme.

Step 3- After this, you have to click on the link of Apply Now.

Step 4- The application Form page will be displayed on the screen.

Step 5- Now enter the required details (Mention all the details such as name, age, mobile number and other information) and upload documents.

Step 6- 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

Step 1- First of all, you have to go to the nearest insurance company or bank office.

Step 2- Now you have to get the application form of Saral Pension Scheme from there.

Step 3- After receiving the application form, you have to carefully enter all the important information asked in the application form.

Step 4- After this you will have to attach all the important documents from the application form.

Step 5- Now you have to submit this application to the insurance company office.

Step 6- In this way, you will be able to apply offline under Saral Pension Scheme.

Required Document for Saral Pension Yojana

Important Document to Apply Online
  • Aadhar Card
  • Bank account statement
  • Ration card
  • Address proof
  • income certificate
  • Passport size photograph
  • mobile number

Saral Pension Yojana Eligibility Criteria

Beneficiary Guidelines
  • 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.

Saral Pension Yojana 2021: IRDAI Saral Plan Online Application Form

ABOUT SCHEME
Saral Pension Yojana 2021: IRDAI Saral Pension Plan Online Application Form PDF Download – 

What is IRDA’s Saral Pension Plan?

The Insurance Regulatory and Development Authority of India (IRDAI) has asked all the insurance companies to start Saral Pension Plan from April 1, 2021. This is a Standard Individual Immediate Annuity Product. As per Saral Pension Plan, there are only two annuity options – single-life annuity, joint-life annuity will be available to the insurer.

Saral Pension policy offers only two annuity options:

a) Life annuity with 100% Return of Purchase Price

An annuity is compensated for an annuitant’s life. In addition, the nominee or legitimate heirs will be returned 100 % of the purchase price following the annuitant’s death.

b) Joint Life Last Survivor Annuity

An annuity is first paid for life to the annuitant. After the death of the annuitant, if the partner survives, the spouse continues to earn the same amount of annuity for life until his/her death. Subsequently, upon the death of the partner, the purchase price is payable to the nominee or legal heirs.

Saral Pension Yojana Premium Calculator

Mode of Annuity Payment Monthly, quarterly, half-yearly and annual. Payments are rendered in arrears only, which ensures that the first annuity payout will begin after the modal term.
Benefits payable on Survival An annuity is payable during the survival of the annuitant.
Loan It is possible to avail loan at any point after six months from the start of the policy.
Minimum Annuity The minimum annuity to be Rs 1000 monthly, Rs 3000 quarterly, Rs 6000 per half-yearly and Rs 12000 per annum.
Return Policy If you disagree with any of the terms and conditions, you can return the policy within 15 days of the date of receipt of the policy or 30 days if the policy has been received through distance marketing.
Tax Benefits A policyholder is entitled to tax benefits under the Income Tax Act, 1961, Section 80CCC and Section 10(10A)(iii).

Saral Pension Yojana Eligibility Details

Criteria Minimum Maximum
Entry Age 40 years from last birthday 80 years from last birthday
Purchase Price Depends on the annuity amount
Policy Term This is a whole life policy
Annuity Amount Yearly- Rs.12,000 Half-yearly- Rs. 6, 000 Quarterly-Rs. 3,000 Monthly- Rs. 1,000 No limit

Saral Pension Yojana Loan Facility and Surrender

The guidelines that the policy can be surrendered at any time after six months from the date of commencement of the policy. According to the guidelines, 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.

According to the more convenient and beneficial IRDA, the Saral Pension Yojana will come with a life annuity with a 100 percent refund 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.

Saral Pension Yojana Annuity

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.

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.

What is an annuity?

The companies that promise to give an annual amount in lieu of your deposit in a pension plan are called annuity (annuity). There is an option to choose the period on a monthly, quarterly, half-yearly or yearly basis. It is available under the pension plan for regular income after retirement.

Saral Pension Yojana Minimum Annuity Amount

Period minimum amount
Monthly ₹1000
Quarter ₹3000
Half yearly ₹6000
Yearly ₹12000

Pricing of the Product

Annuity rates will be obtained in respect of the following bands:

Band Band Purchase Price range
Band 1 Less than Rs 200,000
Band 2 Rs 200,000 to less than 5,00,000
Band 3 Rs 5,00,000 to less than 10,00,000
Band 4 Rs 10,00,000o less than 2,500,000
Band 5 Rs 2,500,000 and above

IRDAI’s Saral Pension Plan could be beneficial for the people who are new to investing and want to secure their future.

Saral Pension Links
Circular Click Here
Standard Terms and Conditions Click Here
Annexure 4 to Standard T & C Click Here

Objectives of Saral Pension Yojana 2021

SCHEME OBJECTIVE
The Insurance Regulatory and Development Authority of India (IRDAI) has asked all life insurance companies to offer Saral Pension a standard immediate annuity product, with an objective to make it easier for customers to make an informed choice.

Major Benefits

BENEFICIARY BENEFITS
  • Insurance regulator IRDAI’s Saral pension plan is one such scheme that comes into effect on April 1, 2021. Under the scheme, insurers will pay the policy holders a minimum sum of Rs 1,000/ month, Rs 3,000/ quarter, and Rs 12,000/ year.
  • Life annuity with 100% return of purchase price
  • Joint life annuity with a 100% annuity to the secondary annuitant in case of demise of the primary annuitant and return of 100% purchase price in case of demise of the last survivor.

Key Features of Scheme

SCHEME FEATURES
  • Saral Pension Yojana 2021 has been initiated by the Insurance Regulatory and Development Authority of India.
  • The minimum age to begin receiving the annuity payments is 40 years and  the maximum is 70 years.
  • This will be a single premium, non-participating, non-linked immediate annuity plan.
  • Under the Insurance Regulatory and Development Authority of India’s guidelines, the maximum amount that can be paid by insurance firms is not capped.
  • The plan offers a single premium payment option as it will be an immediate annuity policy.
  • The mode of annuity payment will be monthly, quarterly, half-yearly, and yearly.

Helpline Number 

HELPLINE NUMBER & CONTACT ADDRESS
Head Office :

  • Insurance Regulatory and Development Authority of India
  • Sy No. 115/1, Financial District,
  • Nanakramguda,Gachibowli, Hyderabad – 500032
  • Ph: +91-40-20204000/+91 40-39328000 e-mail: [email protected]

Delhi Office:

  • Insurance Regulatory and Development Authority of India
    Delhi Office – Gate No. 3
    Jeevan Tara Building, First Floor
    Sansad Marg, New Delhi-110001
  • Ph: (011) – 2344 4400
  • Fax: (011) – 2374 7650 e-mail: [email protected]

Mumbai Office:

  • Insurance Regulatory and Development Authority of India
    Mumbai Regional Office
    Royal Insurance Building
    12, J. Tata Road, Ground Floor
    Mumbai 400 020.
    Near Churchgate)
  • Phone No.: 022- 22898600 e-mail: [email protected]

For Policy Holder Grievances please refer the following link:

Contact information

12 thoughts on “IRDAI Saral Pension Yojana 2021: Online Registration, Premium Calculator, Eligibility & Details”

  1. All the details of the saral pension yojana are really good and well understood except could not find the all important purchase price / annuity rates of any of the five bands say what would be the annuity per month if an investment is made in band 1,2,3,4or 5 with LIC of India.

    Reply
  2. What will be the annuity amount for a person who is interested to get Rs.15000/- per month
    as a pensionn with the age 59 year.

    Reply
  3. Could not find Annuity per month if an investment is made in band 1,2,3,4or 5 with LIC of India and also when it will be started

    Reply
  4. I would like to take a policy of 5.00 Lacds. Hiw much monthly annuity would i get for life.bo am 74 years of age

    Reply
  5. I am 62 years old and want get pension @ 10,000/- per month under Saral Pension Yojna. How much I have to invest in this policy?

    Reply
  6. * In Saral Pension Yojna whether the rate of annuity payable per annum to the annuitant would be fixed or floating?
    ** Which Insurance companies so far have inducted their respective Saral Pension Yojna so far?

    Reply

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