| Minimum age at entry | 50 years | | Maximum age at entry | No limit | | Maximum age at maturity | Nil | | Minimum purchase price | Rs 25,000 | | Maximum purchase price | No limit | - The plan provides for what is called an annuity (income) throughout the lifetime of the annuitant (the person eligible to receive the annuity). The purchaser has to pay the premium in a single lump sum.
- No surrender value or loan available under the plan.
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Modes of annuity payment: monthly, quarterly, half-yearly or yearly.
- Annuity for life ceasing on death
- Annuity for life, increasing yearly at a simple rate of 3% per annum.
- Annuity for life, payable for 5,10, 15 or 20 years certain and thereafter as long as the policyholder is alive.
- Annuity for life, with return of purchase price on death of the annuitant.
On maturity
The income is assured throughout life and the first installment starts immediately as per the mode of payment.
On death
The annuity amount will be paid to the nominee till the guaranteed certain period is over or the purchase price is payable to the nominee depending upon the option selected.
|
|
