Plan
- This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity.
- The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the lifetime of Annuitant(s).
- This plan can be purchased offline as well as online. To purchase the plan online, please log on to our website www.licindia.in
Benefits
- Make one time investment and get Guaranteed life long income.
- 9 different annuity options to choose from to suit every need and circumstance.
- Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.
- Annuity rates are guaranteed from inception of the policy.
- Guaranteed additions during deferment period.
- This policy can be taken on one’s own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
- Loan Available: Loan facility shall be available after completion of 1 policy year.
- Surrender Allowed: The policy can be surrendered at any time after three months from the completion of policy when Annuity Option is with return of purchase price.
- Free look Period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days.
- Option to take the plan for the benefit of handicapped dependent (Divyangjan) life
Features
- Minimum Purchase Price: Rs.1,50,000 subject to minimum Annuity as specified below
- Maximum Purchase Price: No Limit
- Note: However, lower Purchase Price may be allowed in specific cases such as NPS and if this Plan is purchased for the benefit of Divyangjan, as per terms and conditions of this Plan. In such a case, for NPS, the annuity rates shall be subject to a Reduction Factor.
- Minimum Age at Entry:30 years (completed)
| Annuity Mode | Minimum Annuity |
|---|
| Monthly | Rs. 1,000 per month |
| Quarterly | Rs. 3,000 per quarter |
| Half-yearly | Rs. 6,000 per half year |
| Annual | Rs. 12,000 per annum |
Criteria for Annuity
| Criteria | Immediate Annuity | Deferred Annuity |
|---|
| Maximum Age at Entry | 85 years (completed), except Option F | 79 years (completed); 100 years for Option F |
| Minimum Deferment Period | Not Applicable | 1 year |
| Maximum Deferment Period | Not Applicable | 20 years, subject to Maximum Vesting Age |
| Minimum Vesting Age | 31 years (completed) |
| Maximum Vesting Age | 80 years (completed) |
