Saral Pension (862)
Product Summary: Saral Pension (862) is an immediate annuity or pension plan which was devloped as per the instruction of IRDA to release a simple annuity product. Customer can chose between two annuity options -(1) Life annuity with 'Return of 100% of purchase price on death' (2) Joint life last survivor annuity with Return of 100% of purchase price on death of last survivor.
Premium Payment Mode: Single Premium
Term: Single Premium with life long annuity benefits.
Minimum Age at Entry: 40 Years Completed
Maximum Age at Entry: 80 Years Completed
Premium paying term: Single Premium
Minimum Purchase Price: Minimum purchase price shall depend on the Minimum Annuity as specified below.(Minimum Annuity:Annual -12,000, Hly-6,000, Qly-3,000, Mly -1,000)
Maximum Sum Assured: No Limit
Riders Available Nil
Accidental Death and Disability Benefit (ADDB): Nil
On Death: Option 1: Annuity stops on the death of the policy holder and the 100% purchace price is returned to the nominee. Option 2: (Joint Life) Annuity continues till the death of the last survivor and 100% of purchase price returned to the nominee on the death of the last survivor.
On Survival: Annuity paid for life irrespective of the option.
Surrender Value: 95 % of the purchase price shall be paid, any time after 6 months, to the annuitant, if application on medical ground is accepted by the corporation.
Loan: Loan allowed after six months from the date of commencement.(maximum loan will be restricted so that interest amount payable on loan does not exceed 50 % of annual annuity amount.
Income Tax Benefit: Income Tax benefits not available.
Proposal Form Special Proposal form for Saral Pension
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