Jeevan Akshay-VI

Product summary

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:

The following options are available under the plan

  • Type of Annuity:
    • Annuity payable for life at a uniform rate.

    • Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

    • Annuity for life with return of purchase price on death of the annuitant.

    • Annuity payable for life increasing at a simple rate of 3% p.a.

    • Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

    • Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

    • Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

  • Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

      • Premium is to be paid in a lump sum.

      • Minimum purchase price :

        • Rs.100,000/- for all distribution channels except online.

        • Rs.150,000/- for on line sale.

      • No medical examination is required under the plan.

      • No maximum limits for purchase price, annuity etc.

      • Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).

      • Age proof necessary.

Annuity Rate:

Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Yearly annuity amount under option


Age last birthday
( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi ) (vii)
30 7190 7160 6890 5250 7080 6970 6860
40 7510 7440 6930 5610 7310 7120 6890
50 8140 7950 7000 6280 7760 7420 6930
60 9350 8790 7110 7530 8640 8030 7010
70 12080 9830 7260 10220 10560 9370 7130
80 17880 10440 7480 15890 14600 12340 7290

Incentives for high purchase price:

If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.

The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

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.

Cooling-off period:

If you are not satisfied with the ?Terms and Conditions? of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Benefits

The amount of annuity is assured throughout life of the annuitant.

What happens if the annuitant dies?

If the annuitant dies :

  1. Under option (i) annuity ceases.
  2. Under option (ii)
    On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
    On death after the guaranteed period - annuity ceases.
  3. Under option (iii) annuity ceases and the purchase price is paid to the nominee.
  4. Under option (iv) annuity ceases.
  5. Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
  6. Under option (vi) annuity ceases and full annuity is payable to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, the annuity ceases.
  7. Under option (vii) annuity ceases. Full annuity is payable to the surviving named spouse during his/ her life time and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When first installment of annuity payable:

First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

Click Here For the Leflet