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The Benefits Under The Plan Vary As Per The Plan Option Chosen
The definitions below will help you understand better, the benefits of the plan:
Death Benefit
Death benefit will be as per the Annuity Option chosen.
Maturity Benefit
Not applicable
Loan Facility
Loan facility is available in this product under the Annuity Option 6 - ‘Deferred Life Annuity with Return of Purchase Price’ during the Deferment Period provided that the Policy has acquired the Surrender Value.
Higher annuity instalment for high purchase price
The annuity rates vary by purchase price band and therefore you would benefit from higher annuity rates if the purchase price (excluding Goods and Services Tax & applicable cess (es)/levy, if any) is Rs.5, 00,000 or above. The purchase price bands and additional annuity rate are specified below:
Purchase Price Band (excluding Goods and Services Tax & applicable cess (es)/levy, if any)
2,00,000 to less than 5,00,000
5,00,000 to less than10,00,000
10,00,000 to less than 25,00,000
25,00,000 to less than 50,00,000
Greater than or equal to 50,00,000
High Purchase Price Incentive
(per 1000 of purchase price)
Nil
1.0
2.0
2.25
2.5
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
45 years
Maximum
80 years
Option 4
Immediate Life Annuity with Return of Purchase Price on Critical Illness (CI) or Accidental Total & Permanent Disability (ATPD) or Death
Option 6
Deferred Life Annuity with Return of Purchase Price
Other Options
No Limit
NPS
As per PFRDA Regulations amended from time to time
For Entry Age exceeding 99 years, the Annuity Rate for the Entry Age 99 years shall be applicable Note: For a Policy purchased from the proceeds arising out of the Company's or any other insurer's Pension Products/ demise of NPS subscriber, the Minimum Entry Age shall be 0 years.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
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