Insurance companies will launch a regular pension scheme from April 1, 2021. Insurance Regulator IRDAI January 25 General for Insurance Companies
Insurance companies will launch a regular pension scheme from April 1, 2021. Insurance regulator IRDAI on January 25 directed the insurance companies to implement the general pension scheme. Under the Saral Pension Scheme, policyholders can choose from 2 types of annuity options. All insurance companies will launch regular pension plans on or before April 1, 2021. All companies’ plans will have different rates. However, the pension is treated as a regular pension. The name of the company that took out the next policy will be included. (Pay the premium once and get a lifetime pension; new plan Saral pension scheme from 1 April 2021)
What is an annuity?
Annuity is the annual amount that the insurance company pays in lieu of a deposit in its pension plan. The investor can avail this facility in the pension scheme for general income after retirement. The scheme is very useful for non-government employees.
When does the pension start?
General Pension Plan Immediate annuity plan means that the pension starts as soon as the policy is taken out. Consumers have the option of choosing a monthly or quarterly, half-yearly or annual pension. The pension begins according to the method chosen by the customer. If a monthly pension is chosen it begins one month after the quarter, three months after the quarter, six months after the quarter, and one year after the annual pension.
There are two options in the pension plan.
Simple Pension Plan is a single premium pension plan. The total premium is payable after taking the policy. After that you can continue to get a fixed pension for the rest of your life. There are two options available in the pension plan. Life annuity with 100% refund on first purchase price. This pension is for the life of the bride. This means that the pensioner will continue to receive the pension as long as he lives. The policyholder candidate will then have the opportunity to receive the base premium. The second option is to provide a joint life pension. Both spouses are entitled to a pension. A person who stays for a long time gets a pension. Both the holders can get the same amount of pension. The nominee will be able to take this pension when both are not alive.
Who can take the policy?
Anyone above the age of 40 (male or female) can purchase the policy under a regular pension plan. Anyone over the age of 80 can take this plan. The minimum investment amount is determined based on the minimum pension in the scheme. You need to invest at least Rs.1000 per month if you want to avail monthly pension benefit. Similarly a minimum of 3 months investment is required for a quarterly pension. The person will receive a full lifetime pension. If there is a serious illness and money is needed for treatment, the amount deposited in the general pension plan can be withdrawn. It contains a list of serious illnesses for which you can withdraw money by assigning a policy. There is also the option of borrowing in a regular pension plan. You can apply for a loan 6 months after the start of the scheme. It is important to know how much money you are going to invest and how much money is coming. As the scheme will come into effect from April 1, no official announcement has been made so far. The terms and conditions will not be effective from the date of implementation.
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