This is a single premium Deferred Annuity plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity.
The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of Annuitant(s).
Eligibility Criteria
| 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 |
Annuity Options
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life
(Annuity option once chosen cannot be altered)
Modes of Annuity Payments: Modes of annuity payments allowable are yearly, half-yearly, quarterly or monthly installments. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of vesting of policy depending on whether the chosen mode of annuity payment is Yearly, Half-yearly, Quarterly and Monthly respectively.
During the deferment period, change in mode of annuity payments shall be allowed. Any change in mode of annuity payment will have to be intimated to the Corporation at least 3 months before the end of deferment period. Once the annuity payment starts, any change in mode of annuity payment shall not be allowed.
Death Benefit
Under both of the Options shall be Higher of Purchase Price plus Accrued Additional Benefit on Death (as specified below) minus Total annuity amount payable till date of death, if any OR 105% of Purchase Price.
| Option 1 | During Deferment Period: |
| • On survival of the Annuitant, nothing shall be payable. | |
| • On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s). | |
| After Deferment Period: | |
| • The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive. | |
| • On death of the Annuitant, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s). | |
| Option 2 | During Deferment Period: |
| • On the survival of the Primary Annuitant and/or Secondary Annuitant, nothing shall be payable. | |
| • On death of the last survivor, Death Benefit as defined below shall be payable to nominee(s). | |
| After Deferment Period: | |
| • The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive. | |
| • On death of the last survivor, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s). |
Additional Benefit on Death
It shall accrue at the end of each policy month, till the end of Deferment Period only. Additional Benefit on Death per month = (Purchase Price * Annuity rate p.a. payable monthly)/12
Options available for payment of Death Benefit: Under the annuity options where the benefit is payable on death i.e. Option F and Option J, the Annuitant(s) will have to choose one of the following options for the payment of the death benefit to the nominee(s).
a. Lumpsum Death Benefit : It will be paid in Lumpsum
b. Annuitisation of Death Benefit : It will be converted into Annuity at prevailing Interest Rates
c. Installment : It can be taken in 5/10/15 Installments
d. Option to take Annuity by NPS subscriber.
e. Option to take the plan for the benefit of dependent person with disability (Divyangjan).
Option to Surrender the Policy
The policy can be surrendered at anytime during the policy term. The Surrender Value payable shall be higher of Guaranteed Surrender Value or Special Surrender Value.
