Today, Ageas Federal Life Insurance, formerly known as IDBI Federal Life Insurance, announced the launch of its Saral Pension. The pension plan is a single premium, non-linked, non-participating, individual, immediate annuity plan.
The company claims that the Saral Pension Plan will help policyholders prepare a personal annuity plan not only for themselves but also for their spouse. It offers an option of single life and joint life immediate annuity with a return of premium. The Saral Pension plan intends to offer peace of mind during one’s retirement days where the individual is assured of a guaranteed regular income and contentment during their retirement years.
The Saral Pension plan aids in preparing a personal annuity plan for self and spouse. It also offers the option of single life and joint life immediate annuity with a return of premium.
Key Benefits of the plan:
• Life Annuity with 100 per cent return of purchase price
• Joint life annuity with return of 100 per cent purchase price on death of the last survivor
• Option to surrender
• Guaranteed annuity payout
• Annuity payout as convenient
Karthik Raman, CMO and Head – Products, Ageas Federal Life Insurance says, “The plan helps us offer our customers a much-needed product for their retirement readiness. Retirement is when one chooses to leave the workforce behind permanently. However, the house still needs to be run and it is also a time when medical expenses are on the rise, hence a steady income post-retirement becomes a necessity.”