Introduction:
It is an Immediate Annuity plan,
which can be purchased by paying a lump sum amount. The plan provides
for annuity payments of a stated amount throughout the life time of the
annuitant. Various options are available for the type and mode of
payment of annuities.
Options Available:
The following options are available under the plan
Type of Annuity:
- Annuity payable for life at a uniform rate.
- Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
- Annuity for life with return of purchase price on death of the annuitant.
- Annuity payable for life increasing at a simple rate of 3% p.a.
- Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
You may choose any one. Once chosen, the option cannot be altered.
Mode:
- Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
Salient features:
- Premium is to be paid in a lump sum.
- Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
| Mode |
Minimum Annuity |
| Monthly |
Rs. 500 per month |
| Quarterly |
Rs. 1000 per quarter |
| Half-yearly |
Rs. 2000 per half year |
| Yearly |
Rs. 3000 per year |
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
- Age proof necessary.
Annuity Rate:
Amount of annuity payable at
yearly intervals which can be purchased for Rs. 1 lakh under different
options is as under:
| Age last birthday | Yearly annuity amount under option |
|
( i ) |
( ii ) (15 years certain) |
( iii ) |
( iv ) |
( v ) |
( vi ) |
| 40 |
7510 |
7440 |
6930 |
5610 |
7310 |
7120 |
| 45 |
7770 |
7660 |
6960 |
5890 |
7500 |
7240 |
| 50 |
8140 |
7950 |
7000 |
6280 |
7760 |
7420 |
| 55 |
8650 |
8330 |
7050 |
6810 |
8130 |
7670 |
| 60 |
9350 |
8790 |
7110 |
7530 |
8640 |
8030 |
| 65 |
10410 |
9330 |
7180 |
8590 |
9400 |
8570 |
| 70 |
12080 |
9830 |
7260 |
10220 |
10560 |
9370 |
| 75 |
14510 |
10220 |
7360 |
12590 |
12240 |
10590 |
Incentives for high purchase price:
If your purchase price is Rs.
1.50 lakh or more, you will receive higher amount of annuity due to
available incentives.
Cooling-off period
If you are not satisfied
with the “Terms and Conditions” of the policy, you may return the
policy to us within 15 days from the date of receipt of the Policy Bond.
On receipt of the policy we shall cancel the same and the amount of
premium deposited by you shall be refunded to you after deducting the
charges for stamp duty.
Paid-up value:
The policy does not acquire any paid-up value.
Surrender Value :
No surrender value will be available under the policy.
Loan :
No loan will be available under the policy.
Section 41 of Insurance Act 1938 :
- No person shall
allow or offer to allow, either directly or indirectly, as an
inducement to any person to take out or renew or continue an insurance
in respect of any kind of risk relating to lives or property in India,
any rebate of the whole or part of the commission payable or any rebate
of the premium shown on the policy, nor shall any person taking out or
renewing or continuing a policy accept any rebate, except such rebate
as may be allowed in accordance with the published prospectuses or
tables of the insurer: provided that acceptance by an insurance agent
of commission in connection with a policy of life insurance taken out
by himself on his own life shall not be deemed to be acceptance of a
rebate of premium within the meaning of this sub-section if at the time
of such acceptance the insurance agent satisfies the prescribed
conditions establishing that he is a bona fide insurance agent employed by the insurer.
- Any person making default in complying with the
provisions of this section shall be punishable with fine which may
extend to five hundred rupees.
Note : For full details please refer to the Policy document or contact our nearest Branch Office.
