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  • BSLI Immediate Annuity Plan

    Birla Sun Life Insurance

    Expenses don’t stop after retirement, only income does. Keeping this in mind, it’s important to make provisions for a regular income for your post-retirement years. Most people depend solely on the provident fund schemes, and are sorely disappointed and let down at a time when they need it most. The BSLI Immediate Annuity Plan addresses the concern of possibly inadequate finances in a person’s post-retirement years, and his/her requirement for comprehensive life insurance cover – and kills two birds with one stone.

    Eligibility Conditions of BSLI Immediate Annuity Plan


    • Minimum: 30 years old.
    • Maximum: 90 years old.

    Financial Eligibility

    To be considered financially fit and eligible to purchase this plan, one must be able to purchase annuity such that he / she can earn:

    • A regular income of Rs.1,000 for monthly mode of annuity payment,
    • A regular income of Rs.3,000 for quarterly mode of annuity payment,
    • A regular income of Rs.6,000 for semi-annual mode of annuity payment,
    • A regular income of Rs.12,000 for annual mode of annuity payment.

    No maximum limits on purchase price.

    Key Features of BSLI Immediate Annuity Plan


    Traditional, non-participating, single premium plan for regular income after retirement.

    Sum assured

    No Sum Assured.

    Payout Options

    1. Option 1: Annuity is payable for the life of the annuitant, and payouts will cease upon the death of the annuitant.
    2. Option 2: Annuity is payable for the life of the annuitant, and the purchase price will be returned on the death of the annuitant.
    3. Option 3: Annuity is guaranteed for the chosen term of 5 years, 10 years, 15 years, or 20 years, and for as long as the annuitant is alive after this term. If the annuitant dies during the term chosen, nominee’s will receive the annuity for the remaining term.
    4. Option 4: Annuity is payable for the life of the annuitant, and is payable at a simple increasing rate of 3% per annum. On the death of the annuitant, the annuity payouts will cease.
    5. Option 5: This is a Joint Life option. Annuity is paid to the Primary Annuitant. On the death of the Primary Annuitant, the Secondary Annuitant will become eligible to receive annuity payouts. On the death of the Secondary Annuitant, the payouts will cease.
    6. Option 6: This is a Join Life option with the return of purchase price. Annuity is paid to the Primary Annuitant. The Secondary Annuitant only starts to receive the Annuity payouts when the Primary Annuitant dies. On the death of the Secondary Annuitant, the purchase price is returned to the nominee/beneficiary.




    Single premium.

    Annualized Annuity

    • Minimum of Rs.1,20,000 p.a.

    • No maximum limit.

    Annuity Modes

    There are four annuity modes to choose from:

    • Monthly
    • Quarterly
    • Half-yearly
    • Yearly

    Policy term

    • 5 years.
    • 10 years.
    • 15 years.
    • 20 years.
    • Lifetime.





    Other features

    • Freelook period: The freelook period is 15 days within which a policy can be cancelled and the premium paid can be refunded (subject to certain deductions). The freelook period is 30 days in case the policy has been purchased through distance marketing channels.
    • Grace period: The grace period for this policy is 30 days from the due date of the premium.
    • Quarterly and monthly payments can only be made through ECS.
    • A policy can be reinstated within 2 years of it lapsing.
    • Once the policy has acquired Surrender Value, a loan can be taken from the company. These loans are as per provisions contained in the policy. The maximum loan amount can’t exceed 70% of the Surrender Value.

    Add-on covers / Riders

    This policy offers the possibility of adding on the Hospi Cash rider.

    Benefits and Advantages of BSLI Immediate Annuity Plan

    • Guaranteed income for your post-retirement years.
    • Flexibility to choose between 6 payout options (as mentioned above).
    • Convenient annuity payout modes.
    • Medical tests are not required to avail this plan.
    • Tax benefits under Section 80CCC of the Income Tax Act, 1961.
    • In the event of suicides, within one year of the policy being issues, the death benefit is payable (unlike other plans).

    How does The Plan Work?

    Mr. Babu chooses to take the Birla Sun Life Insurance Immediate Annuity Plan, and does so by following these steps:

    1. Deciding the amount of premium he’s comfortable paying, in order to purchase the annuity (depending on the amount of regular income that he wishes to receive).
    2. Choosing one of the 6 payout options available to him, in order to maximise the utility of the plan.
    3. Choosing the annuity payout mode (between monthly mode, quarterly mode, semi-annual mode and annual mode).
    4. Choosing the mode in which he wishes to receive the annuity payouts (between post-dated cheques, or direct credit to his bank account).

    Taking and using this insurance policy is simple and fast.


    No riders applicable.

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