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ARTICLE · 11 FEBRUARY 2021

Immediate Annuity Product: Standard Wordings Introduced

Tuli & Co
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The recent trend of simple, standardised products being introduced for various forms of life and health insurance business has continued with the introduction...

IndiaEmployment and HR
Celia Jenkins
Celia Jenkins
Swathi Ramakrishnan
Swathi Ramakrishnan
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Introduction

The recent trend of simple, standardised products being introduced for various forms of life and health insurance business has continued with the introduction of a standard immediate annuity product. On 25 January 2021, the IRDAI issued the “Guidelines on Standard Individual Immediate Annuity Product, “Saral Pension”” (Guidelines).

The Guidelines recognise that there is presently a multitude of annuity products available in the market and aim at the creation of a uniform product across Insurers that will meet the needs of the average customer.

Saral Pension – Product Overview

On or before 1 April 2021, all Life Insurers are mandatorily required to offer the prescribed standard immediate annuity product, ‘Saral Pension' (Standard Product). The Standard Product is a non-linked, non-participating, individual, immediate annuity insurance plan, under which the annuitant (individual/joint life)/nominee/legal heirs, in addition to the annuity payouts

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