It is an Annuity plan which is non-linked, individual immediate plan and can be purchased only by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant.
- This is a Standard Immediate Annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI), which offers same terms and conditions across all the life insurers.
- The Policyholder has an option to choose type of annuity from two available options on payment of a lump sum amount.
- The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of Annuitant(s).
- This plan can be purchased offline as well as online.
Annuity Options:
The available annuity options under this plan are as under:
| You may choose any one from the below mentioned annuity options for Immediate Annuity. |
| Annuity Option |
Single/Joint Life |
Benefit payable on Survival |
Benefit payable on Death |
| Option-I |
Single Life |
Annuity 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 |
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 payable to the Nominee(s)/legal heirs. |
Joint Life: The joint life annuity can be taken with spouse only. In case of joint life, the age limits specified above shall apply to both lives.
Please note - Once chosen, the option cannot be altered.
Annuity option once chosen cannot be altered. |
Features
| Online Incentive |
Rebate of 2% by way of increase in the basic annuity rate will be available. |
| Immediate Annuity |
Starts as early as next month. |
| Mode of the Payment |
Single Premium |
| Purchase Limits |
Minimum purchase price : Minimum Purchase price shall depend on the Minimum Annuity as specified below, Option chosen and age of the Annuitant(s) No maximum limits for purchase price, annuity etc. |
| Incentive for High Purchase Price |
If your purchase price is ₹. 5,00,000/- or more, you will receive higher amount of annuity due to available incentives. |
| Age Limits |
Minimum age at entry: 40 years (Last Birthday)
Maximum age at entry: 80 years (Last Birthday) |
| Medical |
No medical examination is required. |
| Annuity Mode |
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity. |
Minimum Annuity Required |
Annuity Mode Minimum Anuity
Monthly Rs.1,000 per Month
Quarterly Rs.3,000 per Quarter
Half-Yearly Rs.6,000 per Half Year
Annual Rs.12,000 per Annum
|
Sample Annuity Rates
| Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Immediate Annuity is as under: |
| Age last birthday |
Yearly Annuity Amount under Annuity Option |
| Option-I :Life Annuity with Return of 100% of Purchase Price |
Option-II :LJoint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor |
| 40 |
51634 |
51430 |
| 50 |
52042 |
51634 |
| 60 |
52654 |
51736 |
| 70 |
53572 |
51838 |
| 80 |
54694 |
51838 |
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