- This is an immediate annuity plan, which provides for immediate annuity in consideration of lump sum amount.
- The annuity payable is Guaranteed for the life time.
- Service Tax is payable @1.50% of purchase price.
Type of Annuity Options:
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.
Age at Entry: 60 years, Purchase Price: ` 1,00,000, Annuity Mode: Monthly
Features & Conditions:
Minimum age at entry : 30 years lbd
Maximum age at entry : 85 years lbd
Minimum Purchase Price : ` 1,00,000
Maximum Purchase Price : No limit
Available Riders: Nil
Mode of Payment: Single only
Annuity Modes: Yearly, Half-yly, Qly or Monthly.
The first annuity installment will start after one year, 6 months, 3 months or one month as per mode selected.
Policy Loan : Not Available
Assignment : Not Allowed,
Death benefit can be assigned. (Actl/PS dated 25/03/2008)
Surrender: Not Allowed (Ref: CRM/901 dated 02/05/2013)
Back Dating: Not Allowed
Service Tax: 1.50% on Purchase Price
Tax Benefits :
On Premiums : u/s 80CCC
Annuity : Taxable
Death claim under annuity
option (iii) and (vii) : u/s 10(10D)