A Non-Linked, Non-Participating, Individual Immediate Annuity Plan
Immediate Annuity plan
Annuity will start from the next month after payment of lump sum amount.
Guaranteed Annuity throughout lifetime
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).
No Medical Examination
Annuity will start from the next month after payment of lump sum amount.
Secured and Peaceful Retirement Life
Loan Facility will be available after 3 months
Eligibility Criteria
Minimum Purchase Price: Rs 1,00,000/- subject to Minimum Annuity as specified below.
Maximum Purchase Price: No Limit
Minimum Annuity:
Maximum Annuity: No Limit
Minimum Age at Entry: 30 years (completed)
Maximum Age at Entry: 85 years (completed) for all Options except Option F
100 years (completed) for Option F
Annuity options under this plan are as under:
- Option A: Immediate Annuity for life.
- Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
- Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
- Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
- Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
- Option F: Immediate Annuity for life with return of Purchase Price.
- Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
- Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
- Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
- Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor
Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings
Benefits :
Options available for payment of Death Benefit:
Under the annuity options where the benefit is payable on death i.e. Option F and Option J, the Annuitant(s) will have to choose one of the following options for the payment of the death benefit to the nominee(s).
a. Lumpsum Death Benefit: It will be paid in Lumpsum
b. Annuitisation of Death Benefit : It will be converted into Annuity at prevailing Interest Rates
c. Installments : Death Benefit can be taken in 5/10/15 Installment.
d. Option to take Annuity by NPS subscriber
e. Option to take the plan for the benefit of dependent person with disability (Divyangjan)
Surrender Option
Only under the following annuity options, the policy can be surrendered at any time after three months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later…
Option F: Immediate Annuity for life with return of Purchase Price.
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
The surrender value payable shall depend on the age (last birthday) of the Annuitant at the time of surrender of the policy.