Q: Are there tax # benefits under the Saral Pension Plan ?

The Saral Pension Plan offers tax # benefits under Section 80C of the Income Tax Act, 1961. The premiums paid under the policy are allowed as a deduction up to ₹ 1.5 lakhs per annum. In addition to this, the proceeds received are exmept under Section 10(10D) of the Income Tax Act, 1961..

Q: Are the returns taxable under the Saral Pension Plan ?

Yes, the pension income is taxed as per the income tax # slab you fall into for the concerned financial year.

Question 1

What is the Saral Pension Plan ?

Accepted Answer

Saral Pension plan is a single premium immediate annuity plan introduced by the IRDAI. The plan offers annuity (pension) payout options starting immediately with one time investment. It is offered by different insurance companies with their prefix. However, the basic plan is the same.

Question 2

What all Critical Illnesses are covered in this plan ?

Accepted Answer

A total of 20 Critical illnesses are covered under the plan. You can surrender the policy and get 95% of your purchase price on diagnosis of any of these critical illnesses. For definition of illnesses covered and terms & conditions, please refer to the product brochure.

Question 3

Who all can buy this plan?

Accepted Answer

ICICI Pru Saral Pension is offered to individual customers. This includes:

• Individuals who need pension for life and want to purchase annuities from their NPS corpus

• Individuals who want to make a provision for lifelong pension by purchasing Immediate Pension plan from ICICI Prudential Life Insurance Company

Question 4

Are there tax^# benefits under the Saral Pension Plan ?

Accepted Answer

The Saral Pension Plan offers tax^# benefits under Section 80C of the Income Tax Act, 1961. The premiums paid under the policy are allowed as a deduction up to ₹ 1.5 lakhs per annum. In addition to this, the proceeds received are exmept under Section 10(10D) of the Income Tax Act, 1961..

Question 5

Are the returns taxable under the Saral Pension Plan ?

Accepted Answer

Yes, the pension income is taxed as per the income tax^# slab you fall into for the concerned financial year.

Question 6

What are the plan options available under Saral Pension Plan

Accepted Answer

The Saral Pension Plan offers two pension options based on your needs:

• Life Annuity with Return of 100% of purchase price (ROP)-Under this option, annuitant receives pension payments for life and after the death of primary annuitant, 100% of the purchase price is given to the nominee. Post this, the policy is terminated.

• Joint life last survivor Annuity with return of 100% of the purchase price (ROP) on death of the last survivor

Under this option, the primary annuitant receives pension payments for life. On the death of the primary annuitant, the pension payments are given to the secondary annuitant till death. After the demise of both annuitants, 100% of the purchase price is given to the nominee. Post this, the policy is terminated.

Question 7

What all Critical Illnesses are covered in this plan ?

Accepted Answer

A total of 20 Critical illnesses are covered under the plan. You can surrender the policy and get 95% of your purchase price on diagnosis of any of these critical illnesses. For definition of illnesses covered and terms & conditions, please refer to the product brochure.

Question 8

When does the pension start in the Saral Pension Plan ?

Accepted Answer

The pension can start as early as the following month from the date of purchase.

Question 9

Why should you invest in the Saral Pension Plan ?

Accepted Answer

The Saral Pension Plan is an excellent low-risk way to plan for your retirement. It can secure you financially and your loved ones after you. Moreover, it offers tax^# savings and a loan facility for increased financial well-being.

Question 10

What are the boundary conditions for age of the policyholder ?

Accepted Answer

Pension Options	Minimum Age at Entry	Maximum Age at Entry
Life Pension with Return of 100% of Purchase Price (ROP)	40	80
Joint life Last Survivor Pension with Return of 100% of Purchase Price (ROP) on death of the last survivor	40	80

Question 11

What is the minimum and maximum annuity per annum ?

Accepted Answer

The minimum annuity per annum is ₹12,000, but there are no maximum limits on this.

Question 12

Is there a provision for top-up ?

Accepted Answer

No, there is no provision for a top up in ICICI Pru Saral Pension.

Question 13

Can a loan be availed against the policy ?

Accepted Answer

Yes, loans can be availed against the policy at any time after six months from the date of commencement of the policy. Maximum amount of loan that can be granted under the policy shall be such that the effective annual interest amount payable on loan does not exceed 50% of the annual pension amount payable under the policy.

Under joint life option, the loan can be availed by the primary annuitant and on death of the primary annuitant, it can be availed by the secondary annuitant.

Question 14

Is Cancellation in the Free Look period allowed ?

Accepted Answer

Yes. The policyholder has the option to review the policy after receipt of the policy document. If the policyholder is not satisfied with the terms and conditions of this policy, the policy document needs to be returned to the Company within 30 days, with reasons for cancellation.

Question 15

What other benefits come with this plan

Accepted Answer

Benefits available with ICICI Pru Saral Pension include:

• Online Booster: Annuity will increase by 1% for policies purchased online

• Loyalty Booster:Annuity will increase by 1% for policies purchased by an existing ICICI Prudential Customer

• NPS Benefit:Annuity will increase by 1% for policies purchased using proceeds out of NPS

Customers can opt for only one of these benefits. The chosen benefit will be over and above the Higher Purchase Price Benefit.

Question 16

How long do you get the pension under the Saral Pension Plan ?

Accepted Answer

Under the plan, you can receive regular pension for as long as you live.

Guaranteed^~ Pension for Life

Buy Online and get **1% extra ^* Pension**

Pension for you & your spouse¹

Pension⁸ starts next month onwards

Buy Online and get **1% extra ^* Pension**

Pension for you & your spouse¹

Pension⁸ starts next month onwards

You can lead a comfortable and stress-free life, as this plan assures a Guaranteed^~ pension for as long as you live.

Pay ₹10,000 p.m and Get ₹1.72 Lakh yearly pension for life

<span style=" color: rgb(239,128,35); ">PLANNING AHEAD</span> <br>Why invest in a guaranteed<sup>~</sup> lifelong Pension plan

<p style=" font-size:16px; ">The primary factors that make this Pension (Annuity) Plan unique are</p>

Assured pension^~ for a longer life

<span style=" color: rgb(239,128,35); font-size:18px; ">ICICI PRUDENTIAL PROMISE</span> <br>Our Proven Track Record

Lives covered as on March 31, 2025^{^^}

Dedicated relationship manager provided to you for end to end assistance

If not satisfied, return (free look) the policy and get your money back

What is ICICI Pru Saral Pension Plan?

Check Eligibility

2 different pension plan options

Life Annuity with Return of 100% of Purchase Price

Joint Life Survivor Annuity with 100% ROP of Purchase Price

How the plan works?

<span style=" color: rgb(239,128,35); font-size: 18px;">Key Features</span> <br> Why financial experts want this for you?

<span style=" color: rgb(239,128,35); line-height: 1.5; font-normal;">Made for you</span> <br>Recommended For

Nearing retirement

Already retired

Secure retirement for parents

Looking for NPS reinvestment

<span style=" color: rgb(239,128,35); ">ONLINE BENEFITS</span> <br> Why should you buy online?

Guaranteed~ Pension for Life

Buy Online and get 1% extra * Pension

Pension for you & your spouse1

Pension8 starts next month onwards

Buy Online and get 1% extra * Pension

Pension for you & your spouse1

Pension8 starts next month onwards

You can lead a comfortable and stress-free life, as this plan assures a Guaranteed~ pension for as long as you live.

Pay ₹10,000 p.m and Get ₹1.72 Lakh yearly pension for life

<span style=" color: rgb(239,128,35); ">PLANNING AHEAD</span> <br>Why invest in a guaranteed<sup>~</sup> lifelong Pension plan

<p style=" font-size:16px; ">The primary factors that make this Pension (Annuity) Plan unique are</p>

Assured pension~ for a longer life

<span style=" color: rgb(239,128,35); font-size:18px; ">ICICI PRUDENTIAL PROMISE</span> <br>Our Proven Track Record

Lives covered as on March 31, 2025^^

Dedicated relationship manager provided to you for end to end assistance

If not satisfied, return (free look) the policy and get your money back

What is ICICI Pru Saral Pension Plan?

Check Eligibility

2 different pension plan options

Life Annuity with Return of 100% of Purchase Price

Joint Life Survivor Annuity with 100% ROP of Purchase Price

How the plan works?

<span style=" color: rgb(239,128,35); font-size: 18px;">Key Features</span> <br> Why financial experts want this for you?

<span style=" color: rgb(239,128,35); line-height: 1.5; font-normal;">Made for you</span> <br>Recommended For

Nearing retirement

Already retired

Secure retirement for parents

Looking for NPS reinvestment

<span style=" color: rgb(239,128,35); ">ONLINE BENEFITS</span> <br> Why should you buy online?

Guaranteed^~ Pension for Life

Buy Online and get **1% extra ^* Pension**

Pension for you & your spouse¹

Pension⁸ starts next month onwards

Buy Online and get **1% extra ^* Pension**

Pension for you & your spouse¹

Pension⁸ starts next month onwards

You can lead a comfortable and stress-free life, as this plan assures a Guaranteed^~ pension for as long as you live.

Assured pension^~ for a longer life

Lives covered as on March 31, 2025^{^^}