It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
The following options are available under the plan
Type of Annuity:
- Annuity payable for life at a uniform rate.
- Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
- Annuity for life with return of purchase price on death of the annuitant.
- Annuity payable for life increasing at a simple rate of 3% p.a.
- Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
You may choose any one. Once chosen, the option cannot be altered.
» Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..
- Premium is to be paid in a lump sum.
- Minimum purchase price :
Rs.100,000/- for all distribution channels except online.
Rs.150,000/- for on line sale.
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
- Age proof necessary.
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
|Age last birthday||Yearly annuity amount under option|
|( i )||( ii ) (15 years certain)||( iii )||( iv )||( v )||( vi )||(vii)|