Features
Benefits
- Single and joint life annuity options to cater to your needs.
- Option to receive annuity as long as you or your partner is alive.
- Option to receive annuity monthly, quarterly, half-yearly or yearly
- Benet of higher annuity rates for large purchase price.
- Return of Purchase Price option on death.
- Surrender value on diagnosis of critical illness.
- Guaranteed* income source for life – Annuity once purchased is guaranteed* for lifetime.
- No need to undergo medical examination.
Features
Single Life Annuity Options
- Life Annuity with Return of 100% of purchase price (ROP).
- The annuity will be payable at uniform rate in arrears for the life of the annuitant.
- On the death of the annuitant, the annuity payments will cease and we will pay to the annuitant’s nominee/legal heirs 100% of the purchase price.
Joint Life Annuity Options
- Primary Annuitant refers to the individual, the events in the life of whom are of primary importance in affecting the timing or amount of the payout under the contract.
- Secondary Annuitant for the purpose of joint life contracts will refer to the Spouse.
- Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor.
- The annuity will be payable in arrears so long as at least one of the two annuitants is alive.
- On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. Subsequently, on death of the spouse, Purchase Price shall be payable to nominee / legal heirs.
- However, if the spouse has pre-deceased the primary annuitant, then on the death of the primary annuitant, the Purchase price shall be payable to the nominee /legal heirs.
Death Benefit and Survival Benefit (Payable to nominee/Legal heirs) - The table below sets out the Death Benefits and Survival Benefit as per the annuity option chosen by you:
Annuity Option | Single / Joint Life | Benefit Payable on survival | Benefit payable on death |
Life Annuity with Return of 100% of Purchase Price | 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. The Purchase Price shall be payable to nominee(s)/legal heirs |
Joint Life Last Survivor Annuity with Return of 100% of Purchase Price (ROP) on death of the last survivor. | Joint Life | Annuity will be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is 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. The Purchase Price shall be payable to the Nominee(s) /legal heirs. |
The Premium/Purchase Price excludes taxes and levies as applicable.
Eligibility
Eligibility Criteria | Minimum | Maximum | ||
AGE AT ENTRY (LAST BIRTHDAY) | 40 years | 80 years | ||
Single Life | Joint Life | |||
Purchase Price | YEARLY | ₹ 2,23,048 | ₹ 2,22,635 | No Limit |
HALF-YEARLY | ₹ 2,26,560 | ₹ 2,26,140 | ||
QUARTERLY | ₹ 2,28,416 | ₹ 2,27,992 | ||
MONTHLY | ₹ 2,29,592 | ₹ 2,29,166 | ||
Annuity PAYOUT PER FREQUENCY | YEARLY | ₹ 12,000 | No Limit | |
HALF-YEARLY | ₹ 6,000 | |||
QUARTERLY | ₹ 3,000 | |||
MONTHLY | ₹ 1,000 |