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Death/Survival Benefit:
Annuity Option
Benefits Payable on Survival
Benefits Payable on Death
Option 1 - Life Annuity with Return of 100% of Purchase Price
Annuity is payable throughout the life of the Annuitant
On death of the Annuitant, all future annuity payouts cease immediately, Purchase Price will be paid to nominee and policy will terminate.
Option 2 - Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the Last Survivor
Annuity is payable as long as either of two Annuitants is alive
On the death of one of the Annuitants, the surviving Annuitant will receive 100% of original annuity throughout life.
On subsequent death of the surviving Annuitant, all future annuity payouts shall cease immediately and 100% of the Purchase Price will be paid to nominee and policy will terminate.
Maturity Benefit:
There is no maturity date. Hence, no maturity benefit is available in this plan.
Loan Facility:
To meet any contingent need, you may avail the loan facility in this plan any time after six months from the Date of Commencement of the Policy.
Better Annuity Rates for Higher Purchase Price:
You will receive better annuity rates if you wish to select higher purchase price.
Step 1: Choose any one Annuity Option as per your need
Step 2: Decide the Purchase Price (single premium)
Step 3: Provide entry age and gender of the Annuitant or also of Spouse, in case of joint life
Step 4: Select the frequency of annuity payment
Step 5: Annuity amount along with applicable boosters will be derived basis above parameters
Step 6: Pay the purchase price and start receiving annuity installments
Parameters
Minimum
Maximum
Entry Age
40 years
80 years
Purchase Price
Minimum: Would depend upon chosen annuity option, frequency of annuity payment, entry age and gender of annuitant and spouse, if applicable
Maximum: No limit
Annuity Term
Whole life
Annuity Installment
Annuity Frequency
Minimum Annuity Installment
Maximum Annuity Installment
Monthly
Rs. 1,000
No limit
Quarterly
Rs. 3,000
No limit
Half-yearly
Rs. 6,000
No limit
Yearly
Rs. 12,000
No limit
Annuity installments shall be made by electronic transfers directly to the bank account of the Annuitant.
