Overview
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
Benefits
Income Tax Benefit
Premium paid under this plan is eligible for TAX rebate under section 80CCC.
Type of Annuity
Annuity payable for life at a uniform rate.
Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
Annuity for life with return of purchase price on death of the annuitant.
Annuity payable for life increasing at a simple rate of 3% p.a.
Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
Note: you may choose any one. Once chosen, the option cannot be altered.
Rules
Minimum Purchase Price Rs. 1,00,000/-
Maximum Purchase Price No Limit (Multiple of Rs. 10,000/- only)
Purchasing Term Single Purchase
Minimum Entry Age 30 years
Maximum Entry Age 85 years (nearest birthday)
Annuity payout Mode Yearly, half-yearly, quarterly & monthly