This is what we offer with the plan

  • Benefits

    Survival Benefit

    • Immediate Life Annuity

    Survival Benefit is the Annuity Payout payable in arrears throughout the lifetime of the annuitant. Annuity Payout will commence from first policy year as per Annuity Payout frequency chosen at inception. Annuity Payout is determined at inception and is guaranteed throughout the lifetime of the annuitant.

    • Immediate Life Annuity with Return of Purchase Price

    Survival Benefit is the Annuity Payout payable in arrears throughout the lifetime of the annuitant. Annuity Payout will commence from first policy year as per Annuity Payout frequency chosen at inception. Annuity Payout is determined at inception and is guaranteed throughout the lifetime of the annuitant.

    • Deferred Life Annuity with Return of Purchase Price

    During deferment period of 5 years, no Survival Benefit will be payable. On survival of annuitant to end of deferment period, Annuity Payout will commence from sixth policy year payable in arrears throughout the lifetime of the annuitant.

    Annuity Payout will be paid as per frequency chosen at inception. Annuity Payout is determined at inception and is guaranteed throughout the lifetime of the annuitant.

  • Benefits

    Death Benefit

    • Immediate Life Annuity

    On death of annuitant, Annuity Payout will cease and no further benefit will be payable.

    On payment of death benefit, the policy will terminate and all rights, benefits and interests under the policy will stand extinguished..

    • Immediate Life Annuity with Return of Purchase Price

    On death of annuitant, Annuity Payout will cease and Death Benefit will be payable immediately.

    Death Benefit is same as Sum Assured on Death (Death Sum Assured).

    Death Sum Assured will be equal to 100% of Purchase Price (excluding the Goods and Services Tax and cess as applicable) paid at inception.

    On payment of Death Benefit the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

    • Deferred Life Annuity with Return of Purchase Price

    On death of annuitant, Annuity Payout will cease and Death Benefit will be payable immediately to the nominee.

    The nominee has the option:

    • To utilise the entire proceeds of the policy or part thereof for purchasing an annuity.
    • Withdraw the entire proceeds of the policy.

    Death Benefit is same as Sum Assured on Death (Death Sum Assured).

    Death Sum Assured will be higher of:

    • Purchase Price + Guaranteed Additions - Annuity Payouts paid till date of death.
    • 110 % of Purchase Price.

    Where,

    Guaranteed Additions = (Purchase Price x Annuity Rate)/12

    Guaranteed Additions will accrue at the end of every policy month during the deferment period. Guaranteed Additions will stop accruing at the end of the deferment period. Deferment period is fixed at 5 years.

    Purchase Price for this purpose will be Purchase Price excluding Goods and Services Tax and cess as applicable, paid at inception.

    Annuity Rate provided shall be based on Annuity Option, Age at Entry, Gender, Annuity Payout Frequency and Purchase Price.

    On payment of Death Benefit the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

Sample Policy DocumentDownload

Know the eligibility for this plan

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Immediate Life Annuity and Immediate Life Annuity with Return of Purchase Price - 45 years
Deferred Life Annuity with Return of Purchase Price - 50 years
85 Years (Max)
1,50,000 (Min)|No limit (Max)
1,000 monthly/3,000 quarterly/6,000 half-yearly/12,000 yearly| No limit (Max)
Single premium
Monthly/ Quarterly/ Half-Yearly/ Yearly
eligibility
I am years old
I would like a return of Lakhs
At the end of years

You are eligible.

You are not eligible.

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