PNB Saral Pension Plan

The PNB Saral Pension Plan offers a one time solution for your retirement years. It means you pay a single lump sum premium to receive pension throughout your life. This is a non-linked, non-participating immediate annuity plan designed to provide you with a stable and reliable income with one-time payment.

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is the PNB Saral Pension Plan?

The PNB Saral Pension Plan is a retirement plan offers you two annuity options based on your goals and responsibilities. It is a single premium payment plan and its returns do not fluctuate according to the market. There are two annuity options- “Single Life Annuity with return of 100% of Purchase Price” and “Joint Life Last Survivor Annuity with Return of 100% of Purchase Price”. 

Key Features of the PNB Saral Pension Plan

Mentioned below are the key features of the PNB Pension Saral Plan-

  1. Guaranteed Income Throughout Life

    PNB Saral Pension Plan ensures that you receive a steady and planned income throughout your lifetime. This annuity can be received at your convenience- monthly, quarterly, semi-annually, and annually.

  2. Financial Safety for Your Spouse 

    The Joint Life Last Survivor Annuity option is a safety net for your partner as it ensures your partner receives the same amount of annuity till their death after your passing. Also, the purchase price is returned to the nominee after both partners have passed away.

  3. Critical Illness Support

    You can surrender the PNB Saral Pension policy after 6 months from purchase and receive a substantial amount back in case you or your spouse is diagnosed with critical illnesses (specified in the policy terms).

Eligibility Conditions

Parameter Minimum Maximum
Age at entry 40 years 80 years
Annuity Payout Monthly Rs.1,000 No Limit
Quarterly Rs.3,000
Half Yearly Rs.6,000
Yearly Rs.12,000
Purchase Price Minimum Purchase Price is equivalent to an amount which will provide minimum annuity as stated above Maximum – No Limit
Annuity Payout Mode Yearly / Half Yearly / Quarterly / Monthly
Premium Paying Term Single Pay
Policy Term Whole Life

Benefits PNB Saral Pension Plan

Mentioned below are the benefits of PNB Pension Saral Plan-

  1. Survival Benefit:

    This ensures that you receive the desired annuity payments until your survival. In case of your death, your spouse will receive the annuity benefits until the time of their survival. 

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

    This option offers you a regular income for life. Upon your passing, the entire purchase price is returned to your nominee, ensuring your family’s financial well-being.

  3. Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP):

    This option provides continuous income to you until survival. After your death, the surviving partner continues to receive the same annuity. Upon the death of both, the purchase price is returned to the nominee.

  4. Maturity Benefit:

    This plan does not provide any Maturity Benefit as it provides a continuous flow of income till the death of the policyholder.

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standard T&C Apply *

Policy Details of the PNB Saral Pension Plan

  1. Free Look Period

    If you are unhappy with the policy terms, you get 15 days (or 30 days if purchased through distance marketing) to review and return the policy documents during the free look period. You will receive back the premiums you paid with deduction of stamp duty charges and cost of coverage for the time you were insured.

  2. Loan Facility

    If you need to borrow money against your policy, PNB Saral Pension Plan aids you under the Loan Facility once it has been active for at least six months. The loan amount is usually limited to a percentage of the policy's surrender value, giving you access to funds when you need them without cancelling your policy. 

FAQs

  • Who can purchase this plan?

    Individuals between the ages of 40 and 80 years are eligible to buy this plan.
  • Are Annuity options available?

    Yes, You can choose between a Life Annuity with Return of Purchase Price or a Joint Life Last Survivor Annuity with Return of Purchase Price.
  • What is the minimum premium required?

    The premium should be sufficient to provide a minimum monthly annuity of ₹1,000, with no upper limit.
  • Can the policy be surrendered before maturity?

    Yes, the policy can be surrendered if you or your spouse is diagnosed with a critical illness, as per the terms of the policy.
  • Is there a maturity benefit?

    No, the plan is designed to provide lifelong annuity payments and does not offer a lump sum payout at the end of the policy term.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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PNB Saral Pension Plan Reviews & Ratings

4.4 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Vimal
Bikaner, October 18, 2016
Good
My son purchase a pension policy plan for me. The terms and conditions of the policy is really very good and beneficial. The investment is also low and the returns are high. Service is quick and all updates are mailed timely.
Varun
Aligarh, August 25, 2016
Retirement plan
I buy pension insurance policy and the policy covers is maximum in low premiums. Claiming procedure is simple and service facilitated by the executives is fantastic. Updates are mailed regularly to me regarding insurance policy.
Eshant
Indore, July 26, 2016
Good Insurance
Pnb metlife is my insurer and i bought pension plan from them. The policy is good and claiming is simple. Insurance have big amount in return after policy get mature and speed of the service is very quick and on time. Good investment for the future which reduces tax.
Meetu
Katehri, July 11, 2016
Pension Policy
Future security with pension plans in less premiums. Service providers are superb and because of them the claims are easy to sanctioned. Policy coverage is high and claims are better. Online service is easy to use which has easy interface.
Surabhi
Ahmedabad, June 29, 2016
Average Pension Plan
The pension plan I choose has low premium and returns are high. Service you provided is fabulous. Policy coverage is high and claims are easily cleared because of company members. Good future investment, it secure my life. Now I'm tension free.
Deepak
Delhi, April 14, 2016
Nice Policy
My pension policy plan is suggestion of the friend, So i took it from pnb metlife life insurance. Staff members and executives provide good and quick services. Policy coverage is good approx. 91% but the premiums are normal. Good terms in compare with other companies. I like my policy plan.
Himanshu
Laksar, April 14, 2016
Okay
I got pension plan from pnb metlife life insurance from last few year. The policy coverage is ~92%. No doubt the service is good. The claiming experience i don't have yet. Good future investment with low premiums. The behaviour of executives and staff members are really very nice. Good work.
Ravinder
Jaipur, April 14, 2016
Good Policy Plan
Recently took life insurance with pnb metlife life insurance. Great retirement plans with low premiums and nice policy coverage. The service providers are cooperative and doing there jobs very nicely. Claims easy to get and time period is less. Nice deal, satisfied.
Ankhush
Pondicherry, April 14, 2016
Fantastic Policy Plan
I got a very fine policy from pnb metlife life insurance. Now, I'm tension for future because of great pension policy plan. The coverage is good around 87%, service is great and fast too, even the claims are fantastic. Great policy, i like it.
Yajan
Karnal, April 14, 2016
Security for Future
I found the best pension plan for old age with pnb metlife life insurance . The plan is for my mom and she like the policy very much. The policy coverage is 96% and return is ~Rs.39 K per month. The service is good and the amount is directly transfer to mom bank account. I so stress free now. Great work.
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