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
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 :
