Saral Pension: The Insurance Regulatory and Development Corporation of India (IRDAI) has taken another crucial decision. Approval of new personal standard annuity insurance plan …
Saral Pension: The Insurance Regulatory and Development Corporation of India (IRDAI) has taken another crucial decision. Approves new personal standard annuity insurance plan. All life insurers have been directed to launch the scheme from April this year.
Prior to the scheme, the company was asked to add its name and launch a ‘simple’ annuity scheme. However, the scheme has only two options. One is Life Annuity and the other is Joint Life Annuity. The purchase price is paid in full under the Life Annuity Option. Under the Joint Life Annuity, after the death of the first policyholder, the second annuity pays 100% annuity plus the purchase price of the policy. However, there are no maturity benefits under this scheme. The policy can be surrendered at any time if the policyholder or any of his family members become seriously ill within six months of the policy being implemented.
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