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Plan No. 862

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

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.
		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.
		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.
		On death of the last survivor: The annuity payments will cease immediately and 100% of Purchase Price shall be paid.

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

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

Minimum purchase price : Shall depend on the minimum annuity as specified in the table above, option chosen and age of the Annuitant