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.
following options are available under 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 annuitant is alive.
* Annuity for life with return of purchase price on death of annuitant.
* Annuity payable for life increasing at a simple rate of 3% p.a.
* Annuity for life with a provision of 50% of annuity payable to spouse during his/her lifetime on death of annuitant.
* Annuity for life with a provision of 100% of annuity payable to spouse during his/her lifetime on death of annuitant.
You may choose any one. Once chosen, option cannot be altered.
Mode:
* Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
Salient features:
* Premium is to be paid in a lump sum.
* Minimum purchase price : Rs.50,000/= or such amt which may secure a minimum annuity as under:
Mode Minimum Annuity
Monthly Rs. 500 per month
Quarterly Rs. 1000 per quarter
Half-yearly Rs. 2000 per half year
Yearly Rs. 3000 per year
* No medical examination is required under plan.
* No maximum limits for purchase price, annuity etc.
* Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
* Age proof necessary.
Annuity Rate:
amt of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amt of annuity due to available incentives.
Cooling-off period
If you are not satisfied with “Terms and Conditions” of policy, you may return policy to us within 15 days from date of receipt of Policy Bond. On receipt of policy we shall cancel same and amt of premium deposited by you shall be refunded to you after deducting charges for stamp duty.
Paid-up value:
policy does not acquire any paid-up value.
Surrender Value :
No surrender value will be available under policy.
Loan :
No loan will be available under policy.
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 whole or part of commission payable or any rebate of premium shown on 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 published prospectuses or tables of 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 meaning of this sub-section if at time of such acceptance insurance agent satisfies prescribed conditions establishing that he is a bona fide insurance agent employed by insurer.
* Any person making default in complying with provisions of this section shall be punishable with fine which may extend to five hundred rupees.
following options are available under 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 annuitant is alive.
* Annuity for life with return of purchase price on death of annuitant.
* Annuity payable for life increasing at a simple rate of 3% p.a.
* Annuity for life with a provision of 50% of annuity payable to spouse during his/her lifetime on death of annuitant.
* Annuity for life with a provision of 100% of annuity payable to spouse during his/her lifetime on death of annuitant.
You may choose any one. Once chosen, option cannot be altered.
Mode:
* Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
Salient features:
* Premium is to be paid in a lump sum.
* Minimum purchase price : Rs.50,000/= or such amt which may secure a minimum annuity as under:
Mode Minimum Annuity
Monthly Rs. 500 per month
Quarterly Rs. 1000 per quarter
Half-yearly Rs. 2000 per half year
Yearly Rs. 3000 per year
* No medical examination is required under plan.
* No maximum limits for purchase price, annuity etc.
* Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
* Age proof necessary.
Annuity Rate:
amt of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amt of annuity due to available incentives.
Cooling-off period
If you are not satisfied with “Terms and Conditions” of policy, you may return policy to us within 15 days from date of receipt of Policy Bond. On receipt of policy we shall cancel same and amt of premium deposited by you shall be refunded to you after deducting charges for stamp duty.
Paid-up value:
policy does not acquire any paid-up value.
Surrender Value :
No surrender value will be available under policy.
Loan :
No loan will be available under policy.
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 whole or part of commission payable or any rebate of premium shown on 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 published prospectuses or tables of 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 meaning of this sub-section if at time of such acceptance insurance agent satisfies prescribed conditions establishing that he is a bona fide insurance agent employed by insurer.
* Any person making default in complying with provisions of this section shall be punishable with fine which may extend to five hundred rupees.
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