- It is Standard Individual immediate Annuity Plan
- This plan can be Taken on Single life and Joint Life (Only Spouse as Joint Life and both should be 40 years and above).
- Returns are guaranteed for Life Time.
- Flexibility to choose amount of Pension and Purchase Price
- Modes of Annuity Payment is Yearly, half yearly, quarterly, monthly (Needs to be decided at the Inception)
- Survival and Death Benefits
Option I Single Life Annuity On Survival: 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 Annuity On Survival: 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 paid.
- Min purchase price should be as per above Annuity rate and calculation (Monthly/Quarterly/Half-Yearly/Yearly)
- No limit on Maximum Purchase Price and Maximum Annuity
- Loan available after Six Months.
- Loan in Joint life is available after death of any one annuitant (Max 50% of the Annuity amount)
- Option to surrender after six months- 95% of purchase price will be paid on diagnosis of critical illness for both as well as their Children’s.
- Tax Benefit Available
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