This Plan is a non-linked, non-participating, single premium immediate annuity plan wherein the Policyholder has an option to choose various pension option.
BEST PENSION OPTION TO SECURE FUTURE
Advantages
Guaranteed Pension Rate
Secured and Peaceful Retirement Life
Conditions
Minimum Age At Entry: 30 Years
Minimum Purchase Price : Rs.1,00,000/- 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 : 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
Pension Option :
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 |
Benefits :
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 |
