Plan Features
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 only.
Annuity Mode
-
Optional Benefits
-
Term :
Single Premium with life long annuity benefits.
Premium Paying Term :
Single Premium
Minimum Age at Entry :
40 Years Completed
Maximum Age at Entry :
80 Years Completed
Annuity Options
Deferred annuity two options (1. Single Life 2. Joint Life).
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)
Deferment Period
-
Joint Annuity
-
Maximum Cover Ceasing Age:
-
Maturity Age:
-
Sum Assured
-
Maturity Benefit
-
Death Benefit
-
Minimum Basic Sum Assured :
-
Minimum age at the end of Premium Paying Term
-
Maximum Maturity Age :
-
Minimum Premium:
-
Maximum Premium:
-
Minimum Basic Sum Assured :
-
Sum Assured on Death
-
Minimum Sum Assured :
-
Maximum Sum Assured :
-
Guaranteed Additions
-
Survival Benefits
-
Riders Available
Nil
Accidental Death and Disability benefit (ADDB) :
Nil
Policy Benefits
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.
On detection of Early Stage Cancer
-
On detection of Major Stage Cancer
-
Settlement Option :
-
Multiple Allowed
-
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