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
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 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.
- Annuity 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.
Mode:
Mode:
- Annuity may be paid either at
monthly, quarterly, half yearly or yearly intervals. You may opt any mode
of payment of Annuity..
- Premium is to be paid in a
lump sum.
- Minimum purchase price :
- Rs.100,000/- for all
distribution channels except online.
- Rs.150,000/- for on line
sale.
- No medical examination is
required under the plan.
- No maximum limits for
purchase price, annuity etc.
- Minimum allowed age at entry
is 30 years (completed) and Maximum allowed age at entry is 85 years
(completed).
- Age proof necessary.
Annuity
Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
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 )
|
(vii)
|
||
30
|
7190
|
7160
|
6890
|
5250
|
7080
|
6970
|
6860
|
|
40
|
7510
|
7440
|
6930
|
5610
|
7310
|
7120
|
6890
|
|
50
|
8140
|
7950
|
7000
|
6280
|
7760
|
7420
|
6930
|
|
60
|
9350
|
8790
|
7110
|
7530
|
8640
|
8030
|
7010
|
|
70
|
12080
|
9830
|
7260
|
10220
|
10560
|
9370
|
7130
|
|
80
|
17880
|
10440
|
7480
|
15890
|
14600
|
12340
|
7290
|
Incentives
for high purchase price:
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.
Service Tax: "Have Doubt ?" Contact Us
Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.
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.
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.
Section 45 Of Insurance Act 1938:
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.
Service Tax: "Have Doubt ?" Contact Us
Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.
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.
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.
Section 45 Of Insurance Act 1938:
- No policy of life insurance
shall after the expiry of two years from the date on which it was
effected, be called in question by an insurer on the ground that a
statement made in the proposal for insurance or in any report of a
medical officer, or referee, or friend of the insured, or in any other
document leading to the issue of the policy, was inaccurate or false,
unless the insurer shows that such statement was on a material matter or
suppressed facts which it was material to disclose and that it was fraudulently
made by the policyholder and that the policyholder knew at the time of
making it that the statement was false or that it suppressed facts which
it was material to disclose.
- Provided that nothing in this
section shall prevent the insurer from calling for proof of age at any
time if he is entitled to do so, and no policy shall be deemed to be
called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life assured was incorrectly stated
in the proposal.
Section
41 of Insurance Act 1938:
- No person shall allow or offer
to allow, either directly or indirectly, as an inducement to any person
to take out or renew or continue an insurance in respect of any kind of
risk relating to lives or property in India, any rebate of the whole or
part of the commission payable or any rebate of the premium shown on the
policy, nor shall any person taking out or renewing or continuing a
policy accept any rebate, except such rebate as may be allowed in
accordance with the published prospectuses or tables of the insurer:
provided that acceptance by an insurance agent of commission in
connection with a policy of life insurance taken out by himself on his
own life shall not be deemed to be acceptance of a rebate of premium within
the meaning of this sub-section if at the time of such acceptance the
insurance agent satisfies the prescribed conditions establishing that he
is a bona fide insurance agent employed by the insurer.
- Provided that nothing in this
section shall prevent the insurer from calling for proof of age at any
time if he is entitled to do so, and no policy shall be deemed to be
called in question merely because the terms of the policy are adjusted on
subsequent proof that the age of the life assured was incorrectly stated
in the proposal.
The amount of
annuity is assured throughout life of the annuitant.
- Under option (i) annuity
ceases.
- Under option (ii)
On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
On death after the guaranteed period - annuity ceases. - Under option (iii) annuity
ceases and the purchase price is paid to the nominee.
- Under option (iv) annuity
ceases.
- 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.
- 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.
- 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.
When first installment of annuity payable:
First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.
First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.
For More Info Contact – US
Call or SMS “Plan” to 9977143290
The secret to living a life of fulfillment is by having a prepared mind. With preparation, you will be ready for every opportunity that comes knocking on your door. Chances are that things will work for you in majority of cases.
ReplyDeleteinsurance Agents