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 during the deferment period,

    the nominee has the option:

    • To utilize the entire proceeds (Death Benefit) of the policy or part thereof for purchasing an immediate annuity or deferred annuity from the same insurer at the then prevailing rate, subject to product eligibility criterion . However, the nominee shall be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of percentage, as stipulated by IRDAI, currently 50%, of the entire proceeds of the policy net of commutation.

    • Withdraw the entire proceeds of the policy.

    b) In case the proceeds of the policy are not sufficient to purchase minimum annuity as stipulated by IRDAI from time to time, the proceeds of the policy may be paid as lump sum.

    Post deferment period, on death of annuitant, Annuity Payout shall cease and Death Benefit shall be payable immediately to the nominee.

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

    Death Sum Assured will be higher of:

    • Purchase Price + Accrued Guaranteed Additions - Total Annuity Payouts paid till date of death

    • 110 % of Purchase Price

    Where,

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

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

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 (Min)Deferred Life Annuity with Return of Purchase Price - 50 years (Min)
85 Years (Max)
1,50,000 (Min)|No limit (Max)
1,000 per payout/3,000 per payout/6,000 per payout/12,000 per payout/|
No limit (Max)
Single premium
Monthly/ Quarterly/ Half-Yearly/ Yearly
(UIN No: 135N073V02)
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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