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Premium Components for Shriram Life Saral Pension
Saral Pension Plan has two premium components – annuity benefits and surrender benefits. There are two options through which you can enjoy this component. Your nominee can also get back the initial purchase price you pay after your demise.
Annuity Benefits – Option 1
You can make a one-time premium payment and commence the policy tenure. From the time period you select, you will start receiving the periodic annuity amount for your life. After your unexpected demise, your nominee or legal heir can receive the purchase price fully after taxes have been deducted. This is the total premium payment you will have made minus taxes, modal payments and other levies.
Annuity Benefits – Option 2
This option will protect your spouse as well and help them receive an annuity amount. You will purchase the policy and start receiving a periodic annuity. No matter who faces an unfortunate demise, the other partner will continue to receive the annuity. After the second person's demise, the purchase price will go to the legal heir/nominee after taxes have been deducted.
Surrender Option
You can surrender the Saral Pension Plan in certain cases. Upon surrendering the policy within one year of its commencement, you will receive 95% of the purchase price given the annuitant, spouse or their child has been diagnosed with a critical illness.
Annuity Benefits in Four Payment Modes
You will make a one-time premium payment and will have four options to get a life annuity – monthly, quarterly, half-yearly and annual. The annuity amount will vary as per the chosen frequency.