Pramerica Life Saral Pension

 

Worrying about financial security and comfort in your golden years is natural. A well-analysed preparation today can go a long way in equipping you to endure rising prices, increasing health costs and deliver to your higher life expectancy. Therefore, you need a plan that not only frees you from your retirement planning stress but also ensures that you continue to receive an income all through your retired life.


Presenting Pramerica Life Saral Pension, a non-linked non-participating individual immediate annuity plan, that puts your savings into an annuity to give you a guaranteed regular income in your retirement years.

Reasons to buy this plan

  • Hassle free one time premium payment.
  • Start getting pension from as early as the first month from the commencement of the policy.
  • Dual benefits:
    • Guaranteed lifetime pension for yourself.
    • Legacy planning for your loved one’s with Return of 100% of Purchase Price.

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Key Features

Know about this plan

Plan Benefit

Death Benefit

In the unfortunate event of death of the Annuitant(s), the following benefit would

In the unfortunate event of death of the Annuitant(s), the following benefit would be payable in lump sum and the annuity payment shall cease.


  1. Single Life: 100% of Purchase Price shall be payable to nominee(s) / legal heirs.

  2. Joint Life:
    If the spouse is surviving after the demise of primary annuitant, then annuity income shall be payable to the spouse for lifetime. Upon demise of the spouse, 100% of Purchase Price shall be payable to nominee(s) / legal heirs. If spouse passes away before the primary annuitant, then on death of the primary annuitant, 100% of Purchase Price shall be payable to nominee(s) / legal heirs.

Survival Benefit

Annuity Payments will be made in arrears for as long as Annuitant is

  • Single Life: Annuity Payments will be made in arrears for as long as Annuitant is alive, as per the chosen mode of annuity payment.

  • Joint Life: Annuity will be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment.

Maturity Benefit

There are no maturity benefits under this plan.

There are no maturity benefits under this plan.

Flexible Annuity Payment Modes

Mode refers to the frequency of Annuity payment as chosen by the Annuitant from

Mode refers to the frequency of Annuity payment as chosen by the Annuitant from the available modes of annuity i.e. yearly, half-yearly, quarterly and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall commence after 1 year, 6 months, 3 months and 1 month from the Date of Commencement of Policy depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively. Modal factors applicable are mentioned below:


Premium Mode Yearly Half-Yearly Quarterly Monthly
Modal Factor 1.0 0.495 0.245 0.081

High Purchase Price Incentive

The annuity rates vary by purchase price band and therefore you would benefit from

The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates corresponding to higher band.


Band Band 1 Band 2 Band 3 Band 4 Band 5
Purchase Price Less than
Rupee Symbol2,00,000
Rupee Symbol2,00,000
to
Rupee Symbol4,99,999
Rupee Symbol5,00,000
to
Rupee Symbol9,99,999
Rupee Symbol10,00,000
to
Rupee Symbol24,99,999
Rupee Symbol25,00,000
& above

Annuity Rates

Sample Annuity Rates per 1000 Purchase Price

Sample Annuity Rates per 1000 Purchase Price


Annuity Option: Single Life Annuity with Return of 100% of Purchase Price (ROP)


Age at Entry Band 1 Band 2 Band 3 Band 4 Band 5
50 57.5702 57.8422 58.2730 58.4884 59.2415
55 57.3846 57.6805 58.1489 58.3831 59.1851
60 57.1195 57.4458 57.9624 58.2207 59.0870
65 56.6840 57.0538 57.6392 57.9323 58.8932


Annuity Option: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor

Age difference between Joint Life: 0 to 5 years


Age at Entry Band 1 Band 2 Band 3 Band 4 Band 5
50 57.8652 58.0975 58.4654 58.6499 59.3453
55 57.8141 58.0600 58.4493 58.6440 59.3448
60 57.7217 57.9851 58.4021 58.6107 59.3418
65 57.5600 57.8470 58.3014 58.5286 59.3078


Age difference between Joint Life: Greater than equal to 6 years


Age at Entry Band 1 Band 2 Band 3 Band 4 Band 5
50 57.8806 58.1062 58.4641 58.6479 59.3421
55 57.8467 58.0839 58.4594 58.6472 59.3416
60 57.7807 58.0328 58.4320 58.6316 59.3411
65 57.6631 57.9349 58.3652 58.5804 59.3287


For joint life option, Age at Entry is the age of primary annuitant

Loan

Loan can be availed any time after six months from the date of commencement

Loan can be availed any time after six months from the date of commencement of 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. The loan interest will be recovered from the annuity amount payable under the policy and the loan outstanding shall be recovered from the claim proceeds.


Surrender

It is recommended that you continue with your policy to avail all

It is recommended that you continue with your policy to avail all benefits. However, in case of emergency you have an option to surrender the policy at any stage after six months from the date of commencement, if you, your spouse or any of the children are diagnosed with any of the critical illness specified in the policy document. On surrender, 95% of the Purchase Price shall be paid and the policy shall terminate.


Eligibility Criteria

Entry Age

Min

40 Yrs

Max

80  Yrs

Annuity Mode

  1. Yearly
  2. Quarterly
  3. Half-Yearly
  4. Monthly

Annuity

Minimum:

Annuity Mode Yearly Half-Yearly Quarterly Monthly
Annuity Amount (In Rs.) 12,000 6,000 3,000 1,000

Maximum: No Limit

Purchase Price

Minimum: The Company will accept any amount, which in turn will result in the minimum annuity amount.
Maximum: No Limit

Goods & Service Tax and applicable cess will be charged over and above the quoted Purchase Price.
For policies sold through POS Channel:

  1. Maximum Entry Age will be as per prevailing POS guidelines, as amended from time to time.
  2. Only ‘Life Annuity with Return of 100% of Purchase price (ROP)’ would be available.

 

Tax Benefits

Tax Benefits may be available as per the applicable laws as amended from time to time. Please consult your tax advisor for details.

Downloads

Brochure

Policy Schedule and T & C

Annuity Rate Table

Death Benefit

In the unfortunate event of death of the Annuitant(s), the following benefit would

In the unfortunate event of death of the Annuitant(s), the following benefit would be payable in lump sum and the annuity payment shall cease.


  1. Single Life: 100% of Purchase Price shall be payable to nominee(s) / legal heirs.

  2. Joint Life:
    If the spouse is surviving after the demise of primary annuitant, then annuity income shall be payable to the spouse for lifetime. Upon demise of the spouse, 100% of Purchase Price shall be payable to nominee(s) / legal heirs. If spouse passes away before the primary annuitant, then on death of the primary annuitant, 100% of Purchase Price shall be payable to nominee(s) / legal heirs.

Survival Benefit

Annuity Payments will be made in arrears for as long as Annuitant is

  • Single Life: Annuity Payments will be made in arrears for as long as Annuitant is alive, as per the chosen mode of annuity payment.

  • Joint Life: Annuity will be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment.

Maturity Benefit

There are no maturity benefits under this plan.

There are no maturity benefits under this plan.

Flexible Annuity Payment Modes

Mode refers to the frequency of Annuity payment as chosen by the Annuitant from

Mode refers to the frequency of Annuity payment as chosen by the Annuitant from the available modes of annuity i.e. yearly, half-yearly, quarterly and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall commence after 1 year, 6 months, 3 months and 1 month from the Date of Commencement of Policy depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively. Modal factors applicable are mentioned below:


Premium Mode Yearly Half-Yearly Quarterly Monthly
Modal Factor 1.0 0.495 0.245 0.081

High Purchase Price Incentive

The annuity rates vary by purchase price band and therefore you would benefit from

The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates corresponding to higher band.


Band Band 1 Band 2 Band 3 Band 4 Band 5
Purchase Price Less than
Rupee Symbol2,00,000
Rupee Symbol2,00,000
to
Rupee Symbol4,99,999
Rupee Symbol5,00,000
to
Rupee Symbol9,99,999
Rupee Symbol10,00,000
to
Rupee Symbol24,99,999
Rupee Symbol25,00,000
& above

Annuity Rates

Sample Annuity Rates per 1000 Purchase Price

Sample Annuity Rates per 1000 Purchase Price


Annuity Option: Single Life Annuity with Return of 100% of Purchase Price (ROP)


Age at Entry Band 1 Band 2 Band 3 Band 4 Band 5
50 57.5702 57.8422 58.2730 58.4884 59.2415
55 57.3846 57.6805 58.1489 58.3831 59.1851
60 57.1195 57.4458 57.9624 58.2207 59.0870
65 56.6840 57.0538 57.6392 57.9323 58.8932


Annuity Option: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor

Age difference between Joint Life: 0 to 5 years


Age at Entry Band 1 Band 2 Band 3 Band 4 Band 5
50 57.8652 58.0975 58.4654 58.6499 59.3453
55 57.8141 58.0600 58.4493 58.6440 59.3448
60 57.7217 57.9851 58.4021 58.6107 59.3418
65 57.5600 57.8470 58.3014 58.5286 59.3078


Age difference between Joint Life: Greater than equal to 6 years


Age at Entry Band 1 Band 2 Band 3 Band 4 Band 5
50 57.8806 58.1062 58.4641 58.6479 59.3421
55 57.8467 58.0839 58.4594 58.6472 59.3416
60 57.7807 58.0328 58.4320 58.6316 59.3411
65 57.6631 57.9349 58.3652 58.5804 59.3287


For joint life option, Age at Entry is the age of primary annuitant

Loan

Loan can be availed any time after six months from the date of commencement

Loan can be availed any time after six months from the date of commencement of 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. The loan interest will be recovered from the annuity amount payable under the policy and the loan outstanding shall be recovered from the claim proceeds.


Surrender

It is recommended that you continue with your policy to avail all

It is recommended that you continue with your policy to avail all benefits. However, in case of emergency you have an option to surrender the policy at any stage after six months from the date of commencement, if you, your spouse or any of the children are diagnosed with any of the critical illness specified in the policy document. On surrender, 95% of the Purchase Price shall be paid and the policy shall terminate.


Entry Age

Min

40 Yrs

Max

80  Yrs

Annuity Mode

  1. Yearly
  2. Quarterly
  3. Half-Yearly
  4. Monthly

Annuity

Minimum:

Annuity Mode Yearly Half-Yearly Quarterly Monthly
Annuity Amount (In Rs.) 12,000 6,000 3,000 1,000

Maximum: No Limit

Purchase Price

Minimum: The Company will accept any amount, which in turn will result in the minimum annuity amount.
Maximum: No Limit

Goods & Service Tax and applicable cess will be charged over and above the quoted Purchase Price.
For policies sold through POS Channel:

  1. Maximum Entry Age will be as per prevailing POS guidelines, as amended from time to time.
  2. Only ‘Life Annuity with Return of 100% of Purchase price (ROP)’ would be available.

 

Tax Benefits

Tax Benefits may be available as per the applicable laws as amended from time to time. Please consult your tax advisor for details.

Brochure

Policy Schedule and T & C

Annuity Rate Table

Pramerica Life Saral Pension: UIN No. 140N074V01. This product provides life insurance coverage. Goods & Services Tax will be charged over and above the quoted premium. For more details on risk factors and terms & conditions including policy exclusion, please refer to the detailed plan brochure and policy terms and conditions before concluding a sale.