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Annuity Option
Benefits
Immediate Life Annuity (Single Life
Annuity is payable throughout the life of the Annuitant
On death of the Annuitant, all future annuity payout ceases.
Immediate Life Annuity with Return of Purchase Price (Single Life)
Annuity is payable throughout the life of the Annuitant.
On death of the Annuitant, all future annuity payout ceases and Purchase Price shall be payable
Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
Annuity is payable throughout the life of the Annuitant.
On death of the Annuitant, the balance of Purchase Price, equal to Purchase Price less sum total of annuity Instalments paid till the date of death, shall be payable and all future annuity payout ceases.
Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
Annuity is payable throughout the life of the Annuitant.
On the Annuitant being diagnosed with any of the 7 covered Critical Illnesses or Accidental Total & Permanent Disability before age 85 or on death of the Annuitant, whichever occurs earlier, the annuity payments will cease and Purchase Price shall be payable.
No additional benefit shall be payable
Immediate Joint Life Annuity with Return of Purchase Price
Annuity will be payable, as long as one of the two Annuitants is alive.
On the death of the Primary Annuitant, Secondary Annuitant will receive 100% of original annuity throughout his / her life. On death of the last survivor, all future annuity ceases and Purchase Price shall be payable.
Deferred Life Annuity with Return of Purchase Price (Single Life)
Annuity will be payable post Deferment Period, for as long as the Annuitant is alive. On death of the Annuitant, all future annuity ceases immediately and the death benefit shall be payable which is higher of:
- Purchase Price plus Guaranteed Additions (GAs) less Total Annuity Payouts till date of death
- 105% of Purchase Price
NPS – Family Income (option available only for National Pension System (NPS) subscribers)
Under this option, the annuity benefit would be payable in accordance with the regulations prescribed by Pension Fund Regulatory and Development Authority (PFRDA) as amended from time to time.
In case the subscriber chooses this Annuity Option and has a spouse, benefits will be payable as per the Annuity Option “Immediate Joint Life Annuity with Return of Purchase Price”. However, in case the subscriber does not have a spouse, benefits will be payable as per the Annuity Option “Immediate Life Annuity with Return of Purchase Price (Single Life)”
You can customize the policy to suit your financial goals and requirements in just 5 simple steps:
- Choose the purchase price (single premium) that you wish to pay to buy the annuity or choose the annuity instalment you wish to receive.
- Choose your annuity option (If annuity option 6(Deferred Life Annuity with Return of Purchase Price) is chosen, choose the deferment period).
- Choose your annuity instalment frequency - Yearly, Half-Yearly, Quarterly or Monthly
- Provide yours and your partner's details (if applicable).
- Pay purchase price and receive the annuity instalments through direct credit in your bank account.
Entry Age (Age last birthday)
Minimum :
30 years
Maximum :
Option 4 -
Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
Option 6 -
Deferred Life Annuity with Return of Purchase Price (Single Life)
80 years
Option 7 -
NPS – Family Income (option available only for National Pension System (NPS) subscribers)
As per PFRDA Regulations amended from time to time
All other options
No Limit
Maximum Maturity Age
Not Applicable
Purchase Price (Single Premium) & Annuity Instalment
Minimum Purchase Price: Rs.2,00,000 Minimum Annuity Instalments are Rs.12, 000, Rs.6,000, Rs.3,000 and Rs.1,000 respectively for Yearly, Half-Yearly, Quarterly and Monthly mode. Maximum Purchase Price: No limit Please note that Purchase Price will be received as single premium only.
Annuity Options
You can choose one of the following annuity options at inception where annuity is payable at a constant rate in arrears as per payment frequency chosen.
- Immediate Life Annuity (Single Life)
- Immediate Life Annuity with Return of Purchase Price (Single Life)
- Immediate Life Annuity with Return of Balance Purchase Price (Single Life)
- Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death (Single Life)
- Immediate Joint Life Annuity with Return of Purchase Price
- Deferred Life Annuity with Return of Purchase Price (Single Life)
- NPS Family Income (option available only for National Pension System (NPS) subscribers)
Mode
Modal Factors
Yearly
1.00
Half-Yearly
0.98
Quarterly
0.97
Monthly
0.96
