Saral Pension (862)
- Plan : Saral Pension (862)
- Product Summary : 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.