This is Single Premium Deferred Pension Plan available with Guaranteed Pension rate at the time of inception only.
Minimum Age At Entry: 30 Years
Minimum Purchase Price : Rs.1,50,000/- subject to Minimum Annuity as specified below
Minimum Annuity :
Annuity Mode | Monthly | Quarterly | Half-yearly | Yearly |
Annuity
| Rs.1,000 per month | Rs.3,000 per quarter | Rs.6,000 per half year | Rs. 12,000 per annum |
Maximum Age at Entry : 79 Years ( last birthday )
Minimum Deferment Period : 1 Year
Maximum Deferment Period : 12 Year
Minimum Vesting Age : 31 years (last birthday)
Maximum Vesting Age : 80 years (last birthday)
Annuity Mode : Yearly, Half yearly, Quarterly and Monthly
Joint Life: The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings.
Pension Option :
Annuity Options | Annuity Description |
Option 1 | Deferred annuity for Single life |
Option 2 | Deferred annuity for Joint life |
Benefits :
Annuity Option | Life | Benefit payable on Survival | Benefit payable on Death |
Option 1 | Single | During deferment period: Nothing is payable during the deferment period.
After deferment period: Annuity payments will be made in arrears as long as the Annuitant is alive, as per the chosen mode of annuity payment. | Death Benefit shall be Higher of : • Purchase Price plus Accrued Guaranteed Additions minus Total annuity payouts till date of death or • 105% of Purchase Price
On death of the Annuitant during the deferment period: Death Benefit as defined above shall be payable to nominee(s) as per the option exercised by the Annuitant. On death of the Annuitant after the deferment period: The annuity payments shall cease immediately and Death Benefit as defined above shall be payable to nominee |
Option 2 | Joint | During deferment period: On the survival of the Primary Annuitant and/or Secondary Annuitant during the deferment period, nothing is payable.
After deferment period: Annuity payments will be made in arrears as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. | Death Benefit shall be Higher of : • Purchase Price plus Accrued Guaranteed Additions minus Total annuity payouts till date of death or • 105% of Purchase Price
During the Deferment Period: On first death (of either of the covered lives): Nothing shall be payable.
On death of the last survivor: Death Benefit as defined above shall be payable to nominee(s)
After the Deferment Period: On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitant is alive.
On death of the last survivor: Annuity payment will cease and Death Benefit as defined above shall be payable to nominee |