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Eligibility Criteria:
Minimum Age at Entry : 40 years (completed)
Maximum Age at Entry: 80 years (completed)
Minimum Annuity:
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 |
Minimum Purchase Price: Minimum Purchase price shall depend on the Minimum Annuity as specified in above, Option chosen and age of the Annuitant.
Maximum Purchase Price: No Limit
Note:
1) The Joint Life Annuity, i.e. Option II, can be taken with spouse only.
2) For Joint life annuity options, age of spouse shall also be subject to Minimum Entry age and Maximum Entry Age as specified above.
Benefits payable under above options are:
Options | Benefits |
Option I | • The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. • On death of the annuitant, the annuity payment shall cease immediately and 100% of Purchase Price shall be payable to nominee(s)/legal heirs. |
Option II | • The annuity amount shall be paid in arrears for as long as the Annuitant and/or spouse are alive, as per the chosen mode of annuity payment. • On death of the last survivor, the annuity payments will cease immediately and 100% of Purchase Price shall be payable to the nominee(s)/legal heirs. |
Annuity Options:
Option I: Life Annuity with Return of 100% of Purchase Price.
Option II: Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor. Annuity option once chosen cannot be altered.
