The Saral Pension Yojana and the SBI Life Saral Pension Plan are two different schemes, which are designed to provide financial security to the senior citizens of India. Both of these schemes have been launched to cater to the growing need for pension among the elderly population, who are looking for a steady stream of income after retirement.
Saral Pension Yojana is a government-run scheme, which was launched by the Ministry of Finance in the year 2012. The main aim of this scheme is to provide a pension to the unorganized sector workers, who do not have any formal employment. The scheme is open to all citizens of India, who are above 18 years of age. The pension amount is calculated based on the age of the subscriber and the premium paid by him.
On the other hand, SBI Life Saral Pension Plan is a life insurance-based pension plan, which is offered by the SBI Life Insurance Company. This plan is designed to provide a steady stream of income to the policyholder after retirement. The policyholder can choose the pension amount based on his requirements, and the premium paid is invested in various financial instruments, which generate returns. The policyholder can choose to receive the pension in regular intervals, or in a lump sum.
The major difference between the Saral Pension Yojana and the SBI Life Saral Pension Plan is that the former is a government-run scheme, while the latter is offered by a private insurance company. The Saral Pension Yojana is designed for the unorganized sector workers, while the SBI Life Saral Pension Plan is designed for all citizens of India. The Saral Pension Yojana is a pension scheme, while the SBI Life Saral Pension Plan is a life insurance-based pension plan.
In conclusion, the Saral Pension Yojana and the SBI Life Saral Pension Plan are two different schemes, which are designed to provide financial security to the senior citizens of India. Both of these schemes have their own unique features and benefits, and the choice of scheme will depend on the requirements and preferences of the policyholder. It is advisable to consult a financial advisor to determine the best pension scheme for your needs.