Does Pramerica Life Saral Pension offer a lifetime income option?

Yes, Pramerica Life Saral Pension provides a lifetime income facility in which you are paid guaranteed income throughout the rest of your life. The plan guarantees a constant flow of income during your retirement, and in case you opt to take joint life, the income will also flow to your spouse during his or her lifetime and this would secure both of you financially.

Is it possible to combine annuities and life insurance?

Yes, life insurance and annuities may be blended. Although life insurance secures your family against possible financial loss in case of your death, annuity secures a consistent income throughout your life. The combination benefits with a full financial safety net of both life and retirement requirements.

What is the Pramerica Life Saral Pension installment's duration?

Instalment of an annuity is paid over the life of the annuitant or, in case of the joint life plan, until the death of the last survivor. Payments under lifetime annuity plans last as long as you live, and in versions that provide the nominee with the amount invested when you die, your nominee gets the amount that you invested.

How do you pay on the Pramerica Life Saral Pension?

In an annuity plan, payments can be made by a single lump-sum payment called the purchase price. The payouts are as soon as they are purchased or according to the frequency mode chosen (monthly, quarterly, half-yearly or yearly). You may make payment through cheque, NEFT or online transfer to the insurer.

Pramerica Life Saral Pension

The Pramerica Life Saral Pension helps you maintain financial stability by offering guaranteed payouts at your preferred frequency, which can be monthly, quarterly, half-yearly, or annually. It is an Immediate Annuity plan that begins providing income soon after purchase, as per the payout frequency chosen. The plan is available to individuals between 40 and 80 years of age, with a minimum annuity of ₹1,000 per month and no upper limit on the purchase price.

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What is Pramerica Life Saral Pension?

The Pramerica Life Saral Pension is a Non-Linked, Non-Participating, Individual General Annuity Savings Plan (Immediate Annuity). It helps you convert your one-time premium payment into a regular source of income after retirement.

The plan offers a guaranteed lifelong income, and in the Return of Purchase Price option, 100% of the purchase price is refunded to your nominee in case of your demise. Also, the frequency of receiving your annuity can be determined either monthly, quarterly, half-yearly, or annually. The plan offers two options:

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

Parameter	Details
Plan Type	Non-Linked, Non-Participating, Individual General Annuity Savings Plan
Entry Age (last birthday)	Minimum: 40 years Maximum: 80 years
Annuity Payment Modes	Monthly, Quarterly, Half-Yearly, or Yearly
Minimum Annuity Amount	Monthly: ₹1,000 Quarterly: ₹3,000 Half-yearly: ₹6,000 Yearly: ₹12,000
Maximum Annuity Amount	No limit
Annuity Options	1. Life Annuity with Return of 100% Purchase Price (ROP) 2. Joint Life Last Survivor Annuity with Return of 100% Purchase Price (ROP)
Modal Factors (for payout frequency)	Yearly: 1.000 Half-Yearly: 0.495 Quarterly: 0.245 Monthly: 0.081
Loan Facility	Loan facility is available any time after six months from the date of commencement of the policy. The current applicable loan interest rate is 9.23% per annum (10-year G-Sec rate plus 200 basis points).
Surrender Facility	Allowed after 6 months on diagnosis of a listed critical illness; 95% of the Purchase Price (less any loan/interest) is payable
Maturity Benefit	Not applicable

Note: Surrender is permitted only if the annuitant or spouse (or their child) is diagnosed with a critical illness specified in the policy document.

Sample Illustration - Pramerica Life Saral Pension (Annual Payout)

The table below shows the indicative annual annuity payout for a 60-year-old under the Single Life, Life Annuity with Return of 100% of Purchase Price (ROP) option:

Purchase Price Band	Annual Annuity (₹ per ₹1,000 of purchase price)
Band 1: Less than ₹2,00,000	57.1195
Band 2: ₹2,00,000 to less than ₹5,00,000	57.4458
Band 3: ₹5,00,000 to less than ₹10,00,000	57.9624
Band 4: ₹10,00,000 to less than ₹25,00,000	58.2207
Band 5: ₹25,00,000 and above	59.0870

Note: The annuity rates shown above are per ₹1,000 of purchase price across different investment bands. Applicable GST and cess will be charged over and above the purchase price. The above rates apply to the Single Life option.

Key Takeaways

Pramerica Life Saral Pension is a basic and reliable pension scheme that assists you in generating a lifetime income following your retirement. It provides secure payments over specified timeframes, which provides you with a stable flow of money during later years. The pension plan is open to persons aged between 40-80 years with a minimum monthly payment of 1000 rupees, and no maximum is fixed on the price of purchase. This plan is an immediate annuity plan with two options: Single Life and Joint Life ROP. With flexible payout frequencies such as monthly, quarterly, half-yearly, or yearly, the Pramerica Life Saral Pension helps you manage your retirement income with ease and confidence.

FAQs

What is Pramerica Life Saral Pension?

The Pramerica Life Saral Pension scheme is basic, personal, non-linked, non-participating annuity plan which offers guaranteed lifetime income. It enables you to make a one-time purchase and get paid regularly throughout your life and have a stable flow of income after retirement.
Does Pramerica Life Saral Pension offer a lifetime income option?

Yes, Pramerica Life Saral Pension provides a lifetime income facility in which you are paid guaranteed income throughout the rest of your life. The plan guarantees a constant flow of income during your retirement, and in case you opt to take joint life, the income will also flow to your spouse during his or her lifetime and this would secure both of you financially.
Is it possible to combine annuities and life insurance?

Yes, life insurance and annuities may be blended. Although life insurance secures your family against possible financial loss in case of your death, annuity secures a consistent income throughout your life. The combination benefits with a full financial safety net of both life and retirement requirements.
What is the Pramerica Life Saral Pension installment's duration?

Instalment of an annuity is paid over the life of the annuitant or, in case of the joint life plan, until the death of the last survivor. Payments under lifetime annuity plans last as long as you live, and in versions that provide the nominee with the amount invested when you die, your nominee gets the amount that you invested.
How do you pay on the Pramerica Life Saral Pension?

In an annuity plan, payments can be made by a single lump-sum payment called the purchase price. The payouts are as soon as they are purchased or according to the frequency mode chosen (monthly, quarterly, half-yearly or yearly). You may make payment through cheque, NEFT or online transfer to the insurer.

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˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Disclaimer: ^^ Guaranteed income starts after the deferment period, which depends on the annuity amount chosen at the time of purchase of policy and the amount of premium paid. The policy remains in force until the lifetime of Primary Annuitant and after the death of Primary Annuitant until the lifetime of Secondary Annuitant. The option chosen is joint life plan and life annuity with 100% return of premium is also available.