From the incepetion of the policy
Choose the one that suits you
during the deferment period
Can be taken as a joint life plan
This is a single premium plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity.
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.
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.
• On death of the Annuitant, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s)
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 under both the options shall be Higher of
• Purchase Price plus Accrued Additional Benefit on Death (as specified below) minus Total annuity amount payable till date of death, if any
OR
• 105% of Purchase Price
The modes of annuity available are yearly, half-yearly, quarterly and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of vesting of Annuity depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly
respectively
| a) | Minimum Purchase Price | : | Rs. 1,50,000 |
| b) | Maximum Purchase Price | : | No limit |
| c) | Min Deferement Period | : | 1 year |
| d) | Max Deferement Period | : | 12 years (Subject to Max vesting age) |
| e) | Minimum Age at entry | : | 30 Years Completed |
| f) | Maximum Age at Entry | : | 79 Years (Last Birthday) |
| g) | Min vesting age | : | 31 years |
| g) | Max vesting age | : | 80 years |
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