The only one-of-its-kind product, which guarantees the annuity well before the retirement date. So, that you do not have to wait till retirement to figure out what the annuity amount could be.
Benefits:
- This unique plan rewards policyholders who plan in advance for their retirement - by offering higher annuity rates.
- The product is very simple! You pay a single premium today and choose to start receiving your annuity with a future start date of up to 10 years, at a rate which is guaranteed for life.
Hence, you know the annuity you are set to receive, even if it starts, say 10 years from now.
Let us look at the benefits and features available under different plan options in detail.
- Immediate Life Annuity Option
This option is available on both single life and joint life basis.
a) Single Life
The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive
On death of the annuitant, the annuity payments will cease and no further benefits will be payable
b) Joint Life
The annuity will be payable in arrears as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive
On the death of both annuitants, the annuity payments will cease and no further benefits will be payable
- Immediate Life Annuity with Return of Purchase Price Option
This option is available on both single life and joint life basis.
a) Single Life
The annuity will be payable in arrears as per payment frequency chosen by you, for as long as the annuitant is alive
On death of the annuitant, Death benefit is payable as lump sum to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease. Kindly refer the Death benefit section below for further details
b) Joint Life
The annuity will be payable in arrears as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive.
Death benefit is payable as a lumpsum to the nominee, on later of the deaths of the two annuitants. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease. Kindly refer the Death benefit section below for further details.\
- Deferred Life Annuity with Return of Purchase Price Option
This option is available on both single life and joint life basis. Deferment Period may be between 1 to 10 years (Integer values), as chosen by you at inception. The annuity rate shall be as guaranteed at the inception of the Policy.
Single Life
The annuity will be payable in arrears post deferment period as per payment frequency chosen by you, for as long as the annuitant is alive.
On death of the annuitant, death benefit is payable as lumpsum to the nominee and no further amount will be payable. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease. Kindly refer the Death benefit section below for further details.
Joint Life
The annuity will be payable in arrears post deferment period as per payment frequency chosen by you, for as long as either of the primary or the secondary annuitant is alive.
Death benefit is payable as a lumpsum to the nominee, on later of the deaths of the two annuitants. Upon payment of the death benefit, the policy shall terminate and all other benefits shall cease. Kindly refer the Death benefit section below for further details.
Death Benefit
The Death Benefit will vary depending on the annuity option selected by the policy holder. The table below sets out the Death Benefits for different annuity options:
