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About New Jeevan akshay – VI (189)

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This is an Immediate Annuity plan with Guaranteed Returns throughout the life time of the annuitant. The annuity payable is Guaranteed for the life time.
Key Benefits:

  • Fixed Rate of Return throughout life Irrespective of market condition
  • Varied option for annuity to suit the particular need of the individuals
  • New option Annuity to spouse at same rate of Annuitant is a unique tool in volatile market scenario
  • In a falling interest regime the best economic solution for old age

Features & Conditions

Minimum age at entry30 years lbd
Maximum age at entry100 years lbd under
option F only, for all other options it is 85 Yrs lbd.
Maximum Purchase PriceNo limit
Mode of PaymentSingle only
Annuity ModesYearly, Half-yly, Qly or Mly.
The first annuity installment will start after one year, 6 months, 3 months or one month as per mode selected.
Rebate for Online Purchase1% Increase under Basic Pension Payable.
e.g: Under Option F Basic rate for Age 60 is 6.79%,
For online it will be 6.8579%.
Policy LoanNot Available
AssignmentNot Allowed,
Death benefit can be assigned under option F (Actl/PS dated 25/03/2008).
SurrenderAllowed after one year under option F only:
1) In case of 21 Critical Illnesses as defined under IRDAI Guidelines.
2) If annuitant is shifting to other country permanently.
Back Dating Not Allowed
Tax BenefitsOn Premiums : u/s 80C
Annuity : Taxable
Death claim under option (f)&(j) : u/s 10(10D)

Features & Benefits

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.

  • Premium is to be paid in a lump sum as Single Premium.
  • Minimum purchase price: Rs.100,000/- with no maximum limit.
  •  No medical examination is required under the plan.
  •  Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 100 years (completed).Age upto 85 years all annuity options available. Age 86 & above only F option available.
  •  Mode of Annuity: Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity. 
Various options are available for the type and mode of payment of annuities.

Type of Annuity

  1. Annuity payable for life at a uniform rate.
  2.  Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
  3.  Annuity for life with return of purchase price on death of the annuitant.
  4. Annuity payable for life increasing at a simple rate of 3% p.a.
  5.  Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6.  Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  7.  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 retuned on the death of last survivor.
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