Options Available:

1. Regular annuity for life.
2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
3. Annuity for life with return of purchase price on death of the annuitant.
4. Annuity increasing at simple rate of 3% per annum.
5. Annuity for life with a provision of 50% of the annuity to spouse for life on death of the annuitant.

Benefits:

The annuity is assured throughout life and the first instalment is paid one year, six months, three months or one month after the date of purchase of the annuity as desired by the policyholder.

a) Under option (1) annuity ceases.
b) Under option (2)

i. On death during the guaranteed period - annuity is paid to the nominee till the end  of the guaranteed period.

ii. On death after the guaranteed period – annuity ceases.

c) Under option (3) annuity ceases and the purchase price is returned to the nominee.
d) Under option (4) annuity ceases.
e) Under option (5) annuity ceases and 50% of the annuity is payable to the spouse during his/her life time, if the spouse survives. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.