UIN

512N234V06

Product Summary

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.

Annuity Payment Mode

Yly, Hly, Qly, Mly

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.
• 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.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Annuity Rates based on Mode and Purchase Price

Incentives for high purchase price by way of increase in annuity rate is as under-

Purchase Price	Yearly	Half Yearly	Quarterly	Monthly
2,50,000 to 4,99,999	3.75	3.45	3.35	2.90
5,00,000 to 7,49,999	4.00	3.70	3.60	3.50
7,50,000 to 9,99,999	4.30	4.00	3.90	3.80
10,00,000 and above	4.35	4.05	3.95	3.90

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Premium Paying Term : Single Premium

Minimum Entry Age : 30 Years

Maximum Entry Age : 100 Years for annuity option " Annuity with return of purchase price"
85 Years (for all annuity option other than option " Annuity with return of purchase price")

Vesting Age : Immediately

Minimum Purchase Price: Rs.1,50,000 for Online Channel
Rs.1,00,000 for Distribution Channel except online

Maximum Purchase Price : No limit

Optional Rider : No Rider available

Policy Benefits:

On Death

Depend upon the option selected by annuitant.

• a) Under option (i) annuity ceases.
• b) Under option (ii)
  • 1. On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
  • 2. On death after the guaranteed period - annuity ceases.
• c) Under option (iii) annuity ceases and the purchase price is paid to the nominee.
• d) Under option (iv) annuity ceases.
• e) Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
• f) Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
• g) Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

 

Surrender Value

Surrender facility is available after completion of at least one policy year from date of commencement of policy only for Annuity Option – “Annuity with return of purchase price" under special circumstances. The surrender value payable shall depend on the age (last birthday) of the policyholder at the time of surrender of the policy. For all annuity options other than “Annuity with return of purchase price” surrender shall not be allowed in any case.

Policy Loan

No loan will be available under the policy.

Taxes

The amount of applicable taxes, as per the prevailing rates shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.