Salient Features:
1. Standard age proof will be required
2. Only single premium is payable i.e. premium to be paid in lump sum.
3. Minimum purchase price : Rs.50000/- or such amount which may secure a minimum annuity of Rs.3,000/- per annum.
4. Modes of annuity payment: Monthly, Quarterly, Half-yearly or Yearly.
5. No medical examination is required under the plan.
6. No maximum limits for purchase price, annuity etc.
7. Minimum age 40 years last birthday, Maximum age 79 years last birthday.
15 days cooling-off period:
If the policyholder is not satisfied with the terms & conditions of the policy the policy may be returned to us within 15 days.
Incentives for high purchase price
Under the policies where purchase price is high, incentive by way of increase in the tabular annuity rate will be given to the annuitant.
Scale of absolute amount of incentive under high purchase price policies as an addition to the annuity rates per annum per rupees thousand are as given below:
Purchase price (in Rs.) |
Less than 150,000 |
150,000 to 299,999 |
300,000 & above |
| 0 |
2.00 |
2.50 |
| 0 |
2.50 |
3.00 |
0 |
3.00 |
3.75 |
0 |
3.5 |
4.50 |
Paid-up value: The policy does not acquire any paid-up value.
Surrender Value: No surrender value will be available under the policy.
Loan: No loan will be available under the policy.
Immediate Annuity (income) p.a. payable yearly for life which Rs.1000/- will purchase (without return of purchase price)
Age |
Annuity (Yearly) |
40 |
65.90 |
| 45 |
68.90 |
| 50 |
73.10 |
| 55 |
78.50 |
| 60 |
85.60 |
| 65 |
95.70 |
| 70 |
111.60 |
| 75 |
134.70 |
Immediate Annuity (income) p.a. payable yearly for life (with return of purchase price on death of the Annuitant) which Rs.1000/- will purchase.
Age |
Annuity (Yearly) |
40 |
57.30 |
| 45 |
57.50 |
| 50 |
57.80 |
| 55 |
58.20 |
| 60 |
58.60 |
| 65 |
59.10 |
| 70 |
59.60 |
| 75 |
60.30 |
Section 41 of Insurance Act 1938
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.
(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.
Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.
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