PNB Saral Pension Plan

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

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.

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.