Retirement Made Easy with Shriram Life Saral Pension
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Does a loan taken against the Saral Pension Plan attract any interest?
A loan taken against the Saral Pension Plan will attract interest payments.
Is suicide covered under the Saral Pension plan?
Suicide is covered under the Saral Pension plan. In cases of suicide, the purchase price is refunded.
Is the Saral Pension a good plan?
The Saral Pension plan allows you to earn lifelong income by paying a lump sum amount of money. So, if you want to create a source of regular income, the Saral Pension is a good plan.
Do I get any maturity benefits under the Shriram Life Saral Pension plan?
You do not get any maturity benefits under the Shriram Life Saral Pension plan. This is because the plan pays a lifelong annuity.
What will happen if I surrender the Saral Pension Plan?
Surrendering means exiting the policy. Under the Saral Pension Plan, you can surrender the policy if the annuitant suffers from a critical illness covered under the plan.
Can I buy the Saral Pension Plan even if I retire early?
You can buy the Saral Pension Plan even on early retirement. The minimum entry age is 40 years, allowing you to buy the plan even at a younger age.
Whom can I cover under the joint-life option for the Saral Pension Plan?
You can cover your spouse under the joint-life option of the Saral Pension Plan.
Is the pension income earned from the Saral Pension Plan taxable?
The pension income you receive from the Saral Pension Plan is taxable. It will be considered a part of your total income and taxed at your income tax slab rates.
What is the maximum age to receive pension payments under the Saral Pension plan?
There is no maximum age to receive pension payments under the Saral Pension plan. The pension is paid for as long as the annuitant is alive. In the case of the joint-life option, the pension is paid as long as the last survivor is alive.
What is the current rate of interest on a loan taken against the Saral Pension plan?
The current rate of interest on a loan taken against the Saral Pension plan is 8.2% per annum compounded half-yearly. This rate has been effective since 1 May 2022.