- This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity.
- The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).
- This plan can be purchased offline as well as online. To purchase the plan online, please log on to our website www.licindia.in
- Make one time investment and get Guaranteed life long income.
- 9 different annuity options to choose from to suit every need and circumstance.
- Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.
- Annuity rates are guaranteed from inception of the policy.
- Guaranteed additions during deferment period.
- This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
- Loan Available: Loan facility shall be available after completion of 1 policy year.
- Surrender Allowed: The policy can be surrendered at anytime after three months from the completion of policy when Annuity Option is with return of purchase price.
- Free look Period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15days.
- Option to take the plan for the benefit of handicapped dependant (Divyangjan) life
Minimum Purchase Price: Rs.1,50,000 subject to minimum Annuity as specified below
Maximum Purchase Price: No Limit
However, lower Purchase Price may be allowed in specific cases such as NPS and if this Plan is purchased for the benefit of Divyangjan, as per terms and conditions of this Plan. In such a case, for NPS, the annuity rates shall be subject to a Reduction Factor.
Minimum Age at Entry:30 years (completed)
||Rs.1000 per month
||Rs.3000 per quarter
||Rs.6000 per half year
||12000 per annum
Joint Life: The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings
|Maximum Age at Entry
||85 years (completed) except Option F
||79 years (completed)
||100 years (completed) for Option F
|Minimum Deferment Period
|Maximum Deferment Period
||20 years subject to Maximum Vesting Age
|Minimum Vesting Age
||31 years (completed)
|Maximum Vesting Age
||80 years (completed)
The options available under Immediate Annuity are:
Option A: Immediate Annuity for life.
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
Option F: Immediate Annuity for life with return of Purchase Price.
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
The options available under Deferred Annuity are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life