Irdai introduces 'Saral Pension', a standard individual annuity product

It is an immediate-anuuity product comes that all life insurers must start offering by April 1

The insurance regulatory and development authority of India (Irdai) has introduced a standard individual immediate annuity product “Saral Pension”, which all life insurers have to start offering to consumers by April 1. The product has to be filed by the insurers with the regulator by the end of February.

This has been done to ensure uniformity across insurers, and to make available a product by all life insurers that will broadly meet the needs of an average customer, the regulator said.

The product will offer life annuity with 100 per cent return of purchase price. It comes with joint life