Saral Pension

1. This is a standard individual immediate annuity plan.
2. The plan can be taken on a single life basis or on a joint life basis with the spouse (both individuals should be 40 years and above).
3. Guaranteed returns for a lifetime.
4. Flexibility to choose the amount of pension and purchase price.
5. Annuity payments can be made yearly, half-yearly, quarterly, or monthly (to be decided at the inception).
6. Survival and death benefits:
7. I) Option I – Benefits payable on survival or death:

• Single Life Annuity On Survival: Payments will be made in arrears as long as the annuitant is alive, based on the chosen mode of annuity payment.
• On death of the annuitant: The annuity payment will immediately cease, and 100% of the purchase price will be payable to the nominee(s)/legal heirs. II) Joint Life Annuity On Survival: The annuity will be paid in arrears as long as either the annuitant or the spouse is alive, based on the chosen mode of annuity payment.
• On the first death (of either of the covered lives): 100% of the annuity amount will continue to be paid as long as one of the annuitants is alive.
• On death of the last survivor: The annuity payments will cease immediately, and 100% of the purchase price will be paid.

7. The minimum purchase price should be in accordance with the annuity rate and calculation (monthly/quarterly/half-yearly/yearly).
8. There is no limit on the maximum purchase price and maximum annuity.
9. Loan availability after six months.
10. In a joint life annuity, the loan is available after the death of any one annuitant (up to a maximum of 50% of the annuity amount).
11. Option to surrender after six months – 95% of the purchase price will be paid upon the diagnosis of critical illness for both the annuitants and their children.
12. Tax benefits are available.