This is Single Premium Deferred Pension Plan available with Guaranteed Pension rate at the time of inception only.
Various pension modes is available to get pension like Yearly, Half Yearly, Quarterly or Monthly to secure future
Minimum Age At Entry: 30 Years
Minimum Purchase Price : Rs.1,50,000/- subject to Minimum Annuity as specified below
Minimum Annuity :
Annuity Mode | Monthly | Quarterly | Half-yearly | Yearly |
Annuity
| Rs.1,000 per month | Rs.3,000 per quarter | Rs.6,000 per half year | Rs. 12,000 per annum |
Maximum Age at Entry : 79 Years ( last birthday )
Minimum Deferment Period : 1 Year
Maximum Deferment Period : 12 Year
Minimum Vesting Age : 31 years (last birthday)
Maximum Vesting Age : 80 years (last birthday)
Annuity Mode : Yearly, Half yearly, Quarterly and Monthly
Joint Life: The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings.
Pension Option :
Annuity Options | Annuity Description |
Option 1 | Deferred annuity for Single life |
Option 2 | Deferred annuity for Joint life |
Benefits :
Annuity Option | Life | Benefit payable on Survival | Benefit payable on Death |
Option 1 | Single | During deferment period: Nothing is payable during the deferment period.
After deferment period: Annuity payments will be made in arrears as long as the Annuitant is alive, as per the chosen mode of annuity payment. | Death Benefit shall be Higher of : • Purchase Price plus Accrued Guaranteed Additions minus Total annuity payouts till date of death or • 105% of Purchase Price
On death of the Annuitant during the deferment period: Death Benefit as defined above shall be payable to nominee(s) as per the option exercised by the Annuitant. On death of the Annuitant after the deferment period: The annuity payments shall cease immediately and Death Benefit as defined above shall be payable to nominee |
Option 2 | Joint | During deferment period: On the survival of the Primary Annuitant and/or Secondary Annuitant during the deferment period, nothing is payable.
After deferment period: Annuity payments will be made in arrears as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. | Death Benefit shall be Higher of : • Purchase Price plus Accrued Guaranteed Additions minus Total annuity payouts till date of death or • 105% of Purchase Price
During the Deferment Period: On first death (of either of the covered lives): Nothing shall be payable.
On death of the last survivor: Death Benefit as defined above shall be payable to nominee(s)
After the Deferment Period: On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitant is alive.
On death of the last survivor: Annuity payment will cease and Death Benefit as defined above shall be payable to nominee |