This is a single premium Deferred Annuity plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity.
The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of Annuitant(s).
Annuity Mode | Monthly | Quarterly | Half-yearly | Annual |
Minimum Annuity | Rs 1000 per month | Rs 3000 per quarter | Rs 6000 per half-year | Rs 12000 per annum |
The options available are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life
(Annuity option once chosen cannot be altered)
Option 1 | During Deferment Period: • On survival of the Annuitant, nothing shall be payable. • On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s). After Deferment Period: • The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive. |
Option 2 | During Deferment Period: • On the survival of the Primary Annuitant and/or Secondary Annuitant, nothing shall be payable. • On death of the last survivor, Death Benefit as defined below shall be payable to nominee(s). After Deferment Period: • The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive. • On death of the last survivor, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s). |
Death Benefit :
Death Benefit under both of the Options shall be Higher of...
Options available for payment of Death Benefit:
Under the annuity options where the benefit is payable on death i.e. Option F and Option J, the Annuitant(s) will have to choose one of the following options for the payment of the death benefit to the nominee(s).
