Annuity will start from the next month after payment of lump sum amount.
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).
Eligibility Criteria
Minimum Purchase Price: Rs 1,00,000/- subject to Minimum Annuity as specified below.
Maximum Purchase Price: No Limit
Minimum Annuity:
| Annuity Mode | Monthly | Quarterly | Half-yearly | Annual |
| Minimum Annuity | Rs 1,000 per month | Rs 3,000 per quarter | Rs 6,000 per half year | Rs 12,000 per annum |
Maximum Annuity: No Limit
Minimum Age at Entry: 30 years (completed)
Maximum Age at Entry: 85 years (completed) for all Options except Option F
100 years (completed) for Option F
Annuity options under this plan are as under:
Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings
Benefits :
| Option A | The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. |
| On death of Annuitant, nothing shall be payable and the annuity payment shall cease immediately | |
| Option B,C,D,E | The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. |
| On death of the Annuitant during the guaranteed period of 5/10/15/20 years, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. | |
| On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately | |
| Option F | The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. |
| On death of the annuitant, the annuity payment shall cease immediately and Purchase Price shall be payable to nominee(s) as per the option exercised by the Annuitant | |
| Option G | The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. The annuity payment will be increased by a simple rate of 3% per annum for each completed policy year. |
| On death of annuitant nothing shall be payable and the annuity payment shall cease immediately. | |
| Option H | The annuity payments shall be made in arrears for as long as the Primary Annuitant is alive, as per the chosen mode of annuity payment. |
| On death of 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. | |
| 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. | |
| Option I | 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. |
| On death of the last survivor, the annuity payments will cease immediately and nothing shall be payable | |
| Option J | 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. |
| On death of the last survivor, the annuity payments will cease immediately and Purchase Price shall be payable to the nominee(s) as per the option exercised by the Primary Annuitant. |
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).
a. Lumpsum Death Benefit: It will be paid in Lumpsum
b. Annuitisation of Death Benefit : It will be converted into Annuity at prevailing Interest Rates
c. Installments : Death Benefit can be taken in 5/10/15 Installment.
d. Option to take Annuity by NPS subscriber
e. Option to take the plan for the benefit of dependent person with disability (Divyangjan)
Surrender Option
Only under the following annuity options, the policy can be surrendered at any time after three months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later...
Option F: Immediate Annuity for life with return of Purchase Price.
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.
The surrender value payable shall depend on the age (last birthday) of the Annuitant at the time of surrender of the policy.
