Saral Pension
What is Saral Pension Plan?
Saral Pension Plan is an annuity plan that provides you with guaranteed1 income for life in exchange for a one-time lump sum premium payment. The annuity income from the plan is fixed at the time of the purchase of the plan. You start receiving the annuity income right after the purchase of the plan6. Additionally, in case of an unfortunate event, the premium that you paid (excluding taxes) at the time of the purchase of your plan is paid back to your loved ones. The plan offers an option for guaranteed1 income for life for your spouse as well.
1T&C apply
Features of the Saral Pension Plan
Here are some features of the plan:
Guaranteed pension for life
Two annuity options
Higher purchase price benefit
Return of purchase price
Access to liquidity during medical conditions
Flexible payout options
Loan3 against policy
Tax5 benefits
Guaranteed pension for life
Two annuity options
Higher purchase price benefit
Return of purchase price
Access to liquidity during medical conditions
Flexible payout options
Loan3 against policy
Tax5 benefits
Options available under the Saral Pension Plan
The Saral Pension Plan offers two annuity options based on your needs:
Life annuity with a return of 100% of purchase price (ROP)
Joint life last survivor annuity with return of 100% of the purchase price (ROP) on death of the last survivor
Benefits of Saral Pension Plan
Here are some benefits of the plan:
Income benefit
The annuitant receives a guaranteed regular income1 for life in the form of annuities as per their chosen payout mode.Death benefit
In the unfortunate case of the death of the annuitant, 100% of the purchase price is paid back to the nominee of the plan.Additional Benefits
Online benefit:
The plan gives an extra 1% annuity when you buy the annuity online.
Loyalty boosters:
The annuity is increased by 1% for policies purchased by an existing ICICI Prudential Life customer.NPS benefit:
A discount to purchase price will be offered for policies purchased using proceeds out of NPS.
Customer can opt for only one of the three additional benefits.
Guaranteed1 Lifelong annuity
Saral Pension Plan provides guaranteed1 income for life. This amount is fixed at the time of the purchase of the plan1T&C apply
Single or Joint Life
Single life option: You receive guaranteed1 income for life. In case of an unfortunate event, the amount that you paid as premium is paid back to your loved ones.Join life2 option: You receive guaranteed1 income for life. In case of an unfortunate event, your spouse will receive guaranteed1 income for life, post which, the amount that you paid at the time of the purchase of the plan will be paid to the nominee.
1T&C apply
W/II/1595/2022-23
Boundary Conditions to buy the Saral Pension Plan
Here are the eligibility criteria to buy the plan:
- The minimum age at entry for the annuitants is as follows:
Annuity Options Minimum Age At Entry Maximum Age At Entry Life Annuity with Return of 100% of Purchase Price (ROP) 40 80 Joint life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor 40 80 In case of Joint life annuity, age restrictions apply to both lives.
- The minimum annuity per annum is ₹ 12,000, (₹ 1,000 per month) but there are no maximum limits
Simple steps to buy the Saral Pension Plan online
1. Pay Once
You can buy the plan with just one lump-sum payment.
2. Select Annuity Option
Choose the annuity option that best suits your requirements.
3. Choose Annuity Frequency
You choose the frequency of the annuity payout.
Get Lifelong Income
Why buy Saral Pension Plan online with ICICI Prudential Life Insurance?
An annuity plan is your ticket to a financially secure and comfortable retirement. Hence, selecting an insurer that is reliable, trustworthy, and above all, financially stable is critical. ICICI Prudential Life offers a simplified and transparent purchase process, quick settlements, and continued customer support to make your retirement as blissful as possible. Moreover, the additional benefits offered by ICICI Prudential Life Insurance like the higher purchase price benefit, online benefits apart from the critical illness benefit4, facility to take a loan3, and multiple annuity options of the plan offer enough room to cater to unexpected events.
Frequently Asked Questions
The Saral Pension Plan is an immediate individual annuity plan introduced by the IRDAI. It is offered by different insurance companies with their prefix. However, the basic plan is the same.
The minimum annuity for the Saral Pension Plan is ₹ 12,000. There is no maximum limit.
The premium paid towards the Saral Pension Plan can be used as a tax deduction5 of up to ₹ 1.5 lakh per annum under Section 80C of the Income Tax Act, 1961. Additionally, the death benefit given to the nominee is exempt from tax under Section 10(10D)5.
Yes, the annuity income is taxed as per the income tax5 slab you fall into for the concerned financial year.
The income can start as early as the following month from the date of purchase.
Under the plan, you can receive regular income for as long as you live.
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 tax5 savings and a loan facility for increased financial well-being.
W/II/0844/2022-23
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