IRDAI Saral Pension Scheme | Saral Pension Yojana Application Process
The IRDAI Saral Pension Scheme has been inaugurated by the Insurance Regulatory and Development Authority of India. In insurance, the insurance policy is a contract between the insurer and the policyholder. As we all know nowadays people face many problems in choosing the right policy.
Many insurance companies describe their policy as superior to the policy of another company. So keeping this in mind IRDAI Saral Pension Scheme has been started.
Today in this article we are going to discuss all the important features of the scheme like its eligibility criteria, required documents, objectives, benefits, important highlights, and the application process. So if you want to know more stay connected with us.
IRDAI Saral Pension Scheme
In insurance, the insurance policy is a contract between the insurer and the policyholder, which determines the claims that the insurer is legally required to pay. As we all know nowadays there are various insurance companies in our country and each and every one of them describes their policy as superior to the policy of another company. As the number of companies will increase the number of terms and conditions will also increase.
So with this, it becomes difficult for a common man to understand. So keeping this in mind the Saral Pension Scheme has been started. The scheme will start on 1 April 2021. Under this scheme, all insurance companies have to keep simple and clear terms and conditions. All these terms and conditions will be the same for all companies and through this if the customer avails of the scheme from any company, he will get the same terms and conditions.
| About | IRDAI Saral Pension Yojana |
| Inaugurated by | Insurance Regulatory and Development Authority of India |
| Implemented on | 1 April 2021 |
| Benefits | To provide simple terms and conditions |
| Beneficiaries | Citizens of India |
| Official Website | Click Here |
IRDAI Saral Pension Scheme Annuity
The amount that the insurance company gives to the customer annually in return for investment is known as Annuity. An annuity is available under the IRDAI Saral Pension Scheme. The duration of the annuity can be selected by the client on a monthly, quarterly, half-yearly, or yearly basis.
To avail the benefit of the scheme, the customer has to pay a purchase price. 100% of the purchase price will be returned after the death of the customer. An annuity will be paid to the customer throughout his life. After the death of the customer, the amount of the annuity will be paid to his spouse. After the death of the spouse, 100% of the purchase price will be returned to the legal heir of the customer.
| Saral Pension Scheme Annuity Amount | |
| Duration | Minimum amount |
| Monthly | ₹ 1000 |
| Quarterly | ₹ 3000 |
| Half-yearly | ₹ 6000 |
| Annually | ₹ 12000 |
Loan Facility and Surrender
A loan facility is also available under this scheme. This loan can be availed after 6 months of purchasing the policy. If the customer dies, after the death of the customer, the life partner of the customer can also get a loan on the policy. The customer will have to pay interest on the loan.
Also, if the life partner or children of the customer get any type of serious illness, then in this situation the facility to surrender the policy after 6 months of buying the policy under the Saral Pension Scheme is also available. On surrendering the policy, 95% of the purchase price will be refunded.
IRDAI Saral Pension Scheme Objectives
The objectives of the scheme are as follows:-
- The main objective of the Saral Pension Scheme is to eliminate the obstructions that are faced by all citizens of India in understanding the pension scheme.
- Secondly, its objective is to provide simple terms and conditions which will be the same for all companies.
- The scheme will be launched across India from 1 April 2021. Now the customer will get the same terms and conditions as all insurance companies through this scheme.
Benefits For IRDAI Saral Pension Scheme
Benefits availed under the IRDAI Saral Pension Scheme are as follows:-
- With the help of this scheme, customers will get the same terms and conditions if they take advantage of this scheme from any company.
- Applicants will be provided with an annuity on investment under this scheme. The duration of the annuity can be selected by the customer on a monthly, quarterly, half-yearly, or yearly basis.
- A loan facility is also available under the IRDAI Saral Pension Scheme.
- If the customer’s life partner or child gets any serious illness, then in that case the policy can also be surrendered after 6 months of purchasing the policy.
Eligibility Criteria For IRDAI Saral Pension Scheme
Applicant needs to pass the following eligibility criteria in order to enroll themselves:-
- The applicant must be a permanent resident of India.
- The age limit of the applicant should be more than 40 years and less than 80 years
Required Documents For IRDAI Saral Pension Scheme
Applicant needs to have the following documents in order to enroll themselves:-
- Aadhar Card
- Ration card
- Address proof
- Income certificate
- Bank account statement
- Passport size photograph
- Active mobile number
Application Process For IRDAI Saral Pension Scheme
Follow the following steps in order to enroll yourself in the IRDAI Saral Pension Scheme:-
- Firstly go to the official website.
- On the home page, you have to click on the option of Saral Pension Scheme.
After this, you have to click on the link Apply Now and an application form will open in front of you. - Now enter all the important information asked in the application form such as your name, age, mobile number, etc, and attach all the required documents.
- And then at last click on Submit.
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