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This Plan is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity.

IMMEDIATE OR DEFERRED PENSION PLAN

This is Single Premium Immediate or Deferred Pension Plan available with Guaranteed Pension rate at the time of inception only.


BEST PENSION OPTION TO SECURE FUTURE

Various pension modes is available to get pension like Yearly, Half Yearly, Quarterly or Monthly to secure future 


Advantages

Guaranteed Pension Rate
Loan Facility
Secured and Peaceful Retirement Life

Conditions

Minimum Age At Entry: 30 Years

Minimum Purchase Price : Rs.1,50,000/- subject to Minimum Annuity as specified below

Minimum Annuity :

Annuity Mode

Monthly

Quarterly

Half-yearly

Yearly

Annuity

 

Rs.1,000 per month

Rs.3,000 per quarter

Rs.6,000 per half year

Rs. 12,000 per annum

 

Maximum Age at Entry :

  1. Immediate Annuity : 85 years (last birthday) except Option F

                                                                        100 years (last birthday) for Option F

  1. Deferred Annuity :    79 years (last birthday)

 

Minimum Deferment Period : 1 Year

Maximum Deferment Period : 20 Year

Minimum Vesting Age : 31 years (last birthday)

Maximum Vesting Age : 80 years (last birthday)

Annuity Mode : Yearly, Half yearly, Quarterly and Monthly

Joint Life: The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings.

 

Pension Option :

Immediate Annuity --

Annuity Options

Annuity Description

Option A

Immediate Annuity for life

Option B

Immediate Annuity with guaranteed period of 5 years and life thereafter

Option C

Immediate Annuity with guaranteed period of 10 years and life thereafter

Option D

Immediate Annuity with guaranteed period of 15 years and life thereafter

Option E

Immediate Annuity with guaranteed period of 20 years and life thereafter

Option F

Immediate Annuity for life with return of Purchase Price

Option G

Immediate Annuity for life increasing at a simple rate of 3% p.a.

Option H

Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant

Option I

Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.

Option J

Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor

 

Deferred Annuity –

Annuity Options

Annuity Description

Option 1

Deferred annuity for Single life

Option 2

Deferred annuity for Joint life

 

 

Benefits :

Immediate Annuity

Annuity Option

Life

Benefit payable on Survival

Benefit payable on Death

A

Single

Annuity payments

On the death of the Annuitant, NOTHING shall be payable.

B

Single

Annuity payments

Annuity payment will be payable to nominee till completion of 5 years,  if death occurs during first 5 years. If death Occurs thereafter NOTHING is payable

C

Single

Annuity payments

Annuity payment will be payable to nominee till completion of 10 years,  if death occurs during first 10 years. If death Occurs thereafter NOTHING is payable

D

Single

Annuity payments

Annuity payment will be payable to nominee till completion of 15 years,  if death occurs during first 15 years. If death Occurs thereafter NOTHING is payable

E

Single

Annuity payments

Annuity payment will be payable to nominee till completion of 20 years,  if death occurs during first 20 years. If death Occurs thereafter NOTHING is payable

F

Single

Annuity payments

On death of the Annuitant, the annuity payment shall cease immediately. The Purchase Price shall be payable to nominee

G

Single

Annuity payments

On the death of the Annuitant, NOTHING shall be payable.

H

Single

Annuity payments

On death of the Primary Annuitant: 50% of the annuity amount shall be payable to the surviving Secondary Annuitant as long as the Secondary Annuitant is alive. The annuity payments will cease on the subsequent death of the Secondary Annuitant and the policy will terminate.

 

If the Secondary Annuitant predeceases the Primary Annuitant: The annuity payments shall continue to be paid and will cease upon the death of the Primary Annuitant and the policy will terminate.

I

Joint

Annuity payments till Primary and/or Secondary annuitant alive

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 Annuitant is alive.

 

On death of the last survivor: The annuity payments will cease immediately and the policy will terminate

J

Joint

Annuity payments till Primary and/or Secondary annuitant alive

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 Annuitant is alive.

 

On death of the last survivor: The annuity payments will cease immediately. The Purchase Price shall be payable to the Nominee


 

Deferred Annuity

 

Annuity Option

Life

Benefit payable on Survival

Benefit payable on Death

Option 1

Single

During deferment period: Nothing is payable during the deferment period.

 

After deferment period: Annuity payments will be made in arrears as long as the Annuitant is alive, as per the chosen mode of annuity payment.

Death Benefit shall be Higher of :

• Purchase Price plus Accrued Guaranteed Additions  minus Total annuity payouts till date of death or

• 110% of Purchase Price

 

On death of the Annuitant during the deferment period: Death Benefit as defined above shall be payable to nominee(s) as per the option exercised by the Annuitant.

 On death of the Annuitant after the deferment period: The annuity payments shall cease immediately and Death Benefit as defined above shall be payable to nominee

Option 2

Joint

During deferment period: On the survival of the Primary Annuitant and/or Secondary Annuitant during the deferment period, nothing is payable.

 

After deferment period: Annuity payments will be made in arrears as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment.

Death Benefit shall be Higher of :

• Purchase Price plus Accrued Guaranteed Additions  minus Total annuity payouts till date of death or

• 110% of Purchase Price

 

During the Deferment Period:

On first death (of either of the covered lives): Nothing shall be payable.

 

On death of the last survivor: Death Benefit as defined above shall be payable to nominee(s)

 

 After the Deferment Period:

 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 Annuitant is alive.

 

On death of the last survivor: Annuity payment will cease and Death Benefit as defined above shall be payable to nominee