- It is Standard Individual immediate Annuity Plan
- This plan can be Taken on Single life and Joint Life (Only Spouse as Joint Life and both should be 40 years and above).
- Returns are guaranteed for Life Time.
- Flexibility to choose amount of Pension and Purchase Price
- Modes of Annuity Payment is Yearly, half yearly, quarterly, monthly (Needs to be decided at the Inception)
- Survival and Death Benefits
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| Option I |
Single Life Annuity |
On Survival: Payments will be made in arrears for as long as Annuitant is alive, as per the chosen mode of annuity payment. |
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On Death of the Annuitant: The annuity payment shall cease immediately and 100% of Purchase Price shall be payable to Nominee(s)/legal heirs. |
| Option II |
Joint Life Annuity |
On Survival: The annuity will be paid in arrears for as long as the Annuitant and/or Spouse are alive, as per the chosen mode of annuity payment. |
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On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitants is alive. |
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On death of the last survivor: The annuity payments will cease immediately and 100% of Purchase Price shall be paid. |
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- Min purchase price should be as per above Annuity rate and calculation (Monthly/Quarterly/Half-Yearly/Yearly)
- No limit on Maximum Purchase Price and Maximum Annuity
- Loan available after Six Months.
- Loan in Joint life is available after death of any one annuitant (Max 50% of the Annuity amount)
- Option to surrender after six months- 95% of purchase price will be paid on diagnosis of critical illness for both as well as their Children’s.
- Tax Benefit Available
How Does This Policy Work
Sample illustration
| Eligibility Criteria |
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- Minimum Age at Entry: 40 years (completed)
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- Maximum Age at Entry: 80 years (completed)
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Annuity Mode |
Monthly |
Quarterly |
Half-Yearly |
Annual |
Minimum Annuity |
Rs. 1000 per month |
Rs. 3000 per quarter |
Rs. 6000 per half year |
Rs. 12,000 per annum |
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- Minimum purchase price : Shall depend on the minimum annuity as specified in the table above, option chosen and age of the Annuitant
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- Maximum Purchase Price: No Limit
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