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Products Pension Plans

Jeevan Shanti (850)

Product Summary

This Plan is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. This plan shall be allowed to lives including third gender.

Premium Payment Mode

Single Premium

Annuity Mode

Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.

Minimum Entry Age

30 Year Completed

Maximum Entry Age

100 years (last birthday) for Option F in Immediate Annuity
85 years (last birthday) except Option F in Immediate Annuity
79 years (last birthday) Deferred Annuity

Minimum Sum Assured

Rs. 1,50,000

Maximum Sum Assured

NO LIMIT (Depending upon Income)

Annuity Option

1. IMMEDIATE ANNUITY OR 2. DEFERRED ANNUITY
10 OPTIONS FOR IMMEDIATE ANNUITY
2 OPTION FOR DEFERRED ANNUITY : 1. SINGLE LIFE 2. JOINT LIFE

Deferment Period

1 year to 20 years

CLOSE RELATIVES AS JOINT LIFE ANNUITANTS [ MEANS : GRAND PARENTS / PARENTS / CHILDREN / GRAND CHILDREN OR SPOUSE OR SIBLINGS ]

Surrendered Value

The policy can be surrendered at any time after three months from the completion of policy.Surrendered shall be allowed under the following annuity options only:

a. Immediate annuity:
i) Option F: Immediate Annuity for life with return of Purchase Price.
ii) Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

b. Deferred annuity:
i) Option 1: Deferred annuity for Single life
ii) Option 2: Deferred annuity for Joint life

Loan

Loan facility shall be available after completion of 1 policy year. Policy loan shall be allowed under the following annuity options only:

a. Immediate annuity:
i) Option F: Immediate Annuity for life with return of Purchase Price.
ii) Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

b. Deferred annuity:
i) Option 1: Deferred annuity for Single life
ii) Option 2: Deferred annuity for Joint life


Pradhan Mantri Vaya Vandana Yojana (842)

Product Summary

Pradhan Mantri Vaya Vandana Yojana (Plan No. 842) is a Government subsidized Scheme which shall provide an assured return of 8% p.a.payable monthly (i.e. equivalent to 8.30% p.a.) on the pensioner surviving during the policy term of 10 years for citizens aged 60 years and above.

Premium Payment Mode

Single Premium

Mode of Pension Payment

The modes of pension payment are monthly, quarterly, half-yearly and yearly. The pension payment shall be through NEFT OR Aadhar Enabled Payment System only.

Pension Rate

Yearly : 8.30
Halfly : 8.13
Quarterly : 8.05
Monthly : 8.00

Minimum Entry Age

60 Year Completed

Maximum Entry Age

No Limit

Minimum Sum Assured

Yearly : 1,44,578
Halfly : 1,47,601
Quarterly : 1,49,068
Monthly : 1,50,000

Maximum Sum Assured

Yearly : 14,45,783
Halfly : 14,76,015
Quarterly : 14,90,683
Monthly : 15,00,000

Min-Max Pension Limit

Minimum Pension:
Rs. 1,000/- per Month
Rs. 3,000/- per Quarter
Rs. 6,000/- per Half-year
Rs. 12,000/- per Year

Maximum Pension:
Rs. 10,000/- per Month
Rs. 30,000/- per Quarter
Rs. 60,000/- per Half-year
Rs. 1,20,000/- per Year

Policy Benefits

On Death :

On death, the full purchase price will be refunded to nominee.

Surrendered Value

Surrender would be allowed in special circumstances like critical / terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.

Loan

Loan (up to 75% of subscribed amount) can be availed after 3 years from the Date of Commencement.


Jeevan Nidhi Single Premium (818)

Product Summary

New Jeevan Nidhi(818) Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

Premium Payment Mode

Single Premium

Term

5 to 35 years

Minimum Entry Age

20 Year Completed

Maximum Entry Age

60 Year (Nearest Birthday)

Minimum Vesting Age

55 Year

Maximum Vesting Age

65 Year

Minimum Sum Assured

Rs. 1,50,000

Maximum Sum Assured

NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits

On Death :

Death during first five policy year :
Sum Assured + Guaranteed Addition

Death after first five policy year :
Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.

On Vesting :
On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.

Option On Vesting :
1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
3. Buy Jeevan Nidhi Single Premium.

Surrendered Value

Single Premium : The Policy can be surrendered at any time during the deferment Period(term).

Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.

Loan

No loan facility will be available under this plan.

Income Tax Benefit
  • On Premiums : u/s 80C
  • Commutation Tax free : u/s 10(10A)iii
  • Death claim Tax free : u/s 10(10D)
  • Pension : Taxable.

Jeevan Akshay VI (189)

Product Summary

Jeevan Akshay VI (189) is an immediate annuity plan that can be bought by paying a lump sum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.

Premium Payment Mode

Single Premium

Annuity Mode

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

Minimum Entry Age

30 Year Completed

Maximum Entry Age

100 Year Last Birthday for option [F] Annuity for life with return of purchase price on death
85 Year Last Birthday For all anuity option other than option [F]

Minimum Sum Assured

Rs. 1,00,000 for all distribution channels except online.
Rs. 1,50,000 for online sale.

Maximum Sum Assured

NO LIMIT

Annuity Option

i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter.
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.

Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life 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 with return of purchase price on the death of last survivor.

Policy Benefits

On Death :

Under option (i) - payment of annuity ceases.

Under option (ii) - i. On death during the guarantee period - annuity is paid to the nominee till the end of the guaranteed period after which the same ceases. ii. On death after the guarantee period - payment of annuity ceases.

Under option (iii) - payment of annuity ceases and the purchase price is returned to the nominee.

Under option (iv) - payment of annuity ceases.

Under option (v) - payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

Under option (vi) - payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

Under option (vii) - payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.

Surrendered Value

Jeevan Akshay VI (189) is an immediate annuity plan that can be bought by paying a lump sum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.

Loan

No loan facility will be available under this plan.

Income Tax Benefit
  • Premium paid under this plan is eligible for TAX rebate under section 80c.
  • Pension that is received is taxable.

Proposal Form 440 (IA) shall be used under this plan.


Jeevan Nidhi (818)

Product Summary

New Jeevan Nidhi(818) Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

Premium Payment Mode

Yearly, Halfly, Quarterly, Monthly(ECS)

Term

7 to 35 years

Minimum Entry Age

20 Year Completed

Maximum Entry Age

58 Year (Nearest Birthday)

Minimum Vesting Age

55 Year

Maximum Vesting Age

65 Year

Minimum Sum Assured

Rs. 1,00,000

Maximum Sum Assured

NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits

On Death :

Death during first five policy year :
Sum Assured + Guaranteed Addition

Death after first five policy year :
Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.

On Vesting :
On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.

Option On Vesting :
1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
3. Buy Jeevan Nidhi Single Premium.

Surrendered Value

Single Premium : The Policy can be surrendered at any time during the deferment Period(term).

Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.

Loan

No loan facility will be available under this plan.

Income Tax Benefit
  • On Premiums : u/s 80C
  • Commutation Tax free : u/s 10(10A)iii
  • Death claim Tax free : u/s 10(10D)
  • Pension : Taxable.

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