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Saral Pension Yojana: Money will not be a problem after retirement, life pension will be available on investment in this scheme

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The government operated Saral Pension Yojana (Saral Pension Yojana) to protect senior citizens from economic problems after retirement. Recently, IRDA has instructed insurance companies to implement this scheme.

Simple pension scheme

After retirement, the government has run Saral Pension Yojana to avoid financial difficulties in old age. From 1 April, the Insurance Regulatory Irda (IRDAI) has instructed insurance companies to implement Saral Pension Scheme. Through this, senior citizens can get lifetime pension after retirement. The good thing about this plan is that even after the death of the insured, the spouse and the nominee will continue to receive annuity till his death.

Special things related to simple pension scheme

Under this scheme, there will be only two annuity options in the name of the insurer. In this, the annual amount has been fixed at Rs 1 thousand per month, Rs 3 thousand per quarter, Rs 6 thousand per half year and Rs 12 thousand annually. Maturity benefits will not be available in this plan. But 100% of the purchase price will be refunded in it. According to IRDA, the more money you invest in this scheme, the more money you will get as pension. Apart from this, you will also be given the benefit of annuity (annuity). Under the new guidelines, now the consumer can surrender the policy at any time after 6 months.

What is annuity

Annuity is the annuity that the insurance company gives annually in lieu of your deposited amount in any pension plan. After retirement, the investor gets this facility under the pension scheme for regular income. Government and non-government employees can take advantage of this under different pension plans. In this, you will get the option to choose the period on monthly, quarterly, half-yearly or yearly basis.

How to apply

For the application under Saral Pension Scheme, the age of the applicant should be 18 years. You can apply yourself by going to the official website of the scheme. Applicant should have Aadhaar card, PAN card, bank passbook, residence certificate and passport size photo.

Also read: Sukanya Samriddhi or PPF will get better returns on investing in it, know the complete details

There will be no loss of gratuity if you change your job, you will be able to transfer like PF

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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