Saral Pension (862) is a NonLinked, Non Participating, Single Premium Individual Immediate Annuity Plan

 

Premium Payment Mode: Single Premium

 

Annuity Mode:

Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity

 

Minimum Entry Age : 40 Year Completed

 

Maximum Entry Age :  80 Year Last Birthday

 

Minimum Sum Assured :

Minimum Purchase price shall depend on the Minimum Annuity as specified above, Option chosen and age of the Annuitant(s)

 

Maximum Sum Assured : NO LIMIT

 

Annuity Option :

i) Life Annuity with Return of 100% of Purchase Price

ii) Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor Joint Life Annuity,

i.e. Option II, can be taken with spouse only.

 

Policy Benefits :

On Death :

(a) Under option (i) - On death of the Annuitant, the annuity payment shall cease immediately and 100% of Purchase Price shall be payable to Nominee(s)/legal heirs.

Under option (ii) - On first death (of either of the covered lives): 100% of the annuity amount shall 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 Purchase Price shall be payable to the Nominee(s)/legal heirs.

 

Surrendered Value :

Saral Pension (862) is a NonLinked, Non Participating, Single Premium Individual Immediate Annuity Plan

 

Loan :

Loan allowed at any time after 6 months from the Date of Commencement.

 

Income Tax Benefit :

• Premium paid under this plan is eligible for TAX rebate under section 80c.

• Pension that is received is taxable.

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