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 entry | 30 years lbd |
| Maximum age at entry | 100 years lbd under option F only, for all other options it is 85 Yrs lbd. |
| Maximum Purchase Price | No limit |
| Mode of Payment | Single only |
| Annuity Modes | Yearly, 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 Purchase | 1% 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 Loan | Not Available |
| Assignment | Not Allowed, Death benefit can be assigned under option F (Actl/PS dated 25/03/2008). |
| Surrender | Allowed 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 Benefits | On 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.
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 retuned on the death of last survivor.
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