Annuity Mode | Monthly | Quarterly | Half-yearly | Annual |
Minimum Annuity | Rs 1000 per month | Rs 3000 per quarter | Rs 6000 per half-year | Rs 12000 per annum |
The options available are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life
(Annuity option once chosen cannot be altered)
Option 1 | During Deferment Period: • On survival of the Annuitant, nothing shall be payable. • On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s). After Deferment Period: • The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive. |
Option 2 | During Deferment Period: • On the survival of the Primary Annuitant and/or Secondary Annuitant, nothing shall be payable. • On death of the last survivor, Death Benefit as defined below shall be payable to nominee(s). After Deferment Period: • The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive. • On death of the last survivor, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s). |
Death Benefit :
Death Benefit under both of the Options shall be Higher of...
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).