Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension”

IRDAI vide circular dated 25-01-2021 has issued guidelines for Standard Individual Immediate Annuity Product. With a view to having uniformity across Insurers, and to make available a product by all Life Insurers that will broadly meet the needs of an average customer a standard, an individual immediate annuity product is introduced. The features of the product includes:

• The standard individual immediate annuity product shall be called, “Saral Pension”, prefixed by the Insurer’s name.
• The product offers the following annuity options, and no other options.
• Life annuity with 100% Return of Purchase Price.
• Joint Life annuity with a provision of 100% annuity to the secondary annuitant on death of the primary annuitant and Return of 100% Purchase Price on death of last survivor.