During your twilight years of retirement, the last thing you need is to be worried about market volatility and where your next paycheck is coming from. The plan of Exide Life Immediate Annuity plan with Return of Purchase Price ensures that you will have a regular income after retirement, and comprehensive life insurance coverage until that time comes. Enjoy a peaceful retired life by making a small investment in this plan today.
Eligibility Conditions of Exide Life Immediate Annuity Plan
|Minimum entry age||
For Exide Life Deferred Pension Customer:
Minimum: 0 years.
Maximum: 75 years.
For new customers:
Minimum: 45 years.
Maximum: 70 years.
|Purchase amount||Minimum: Rs.50,000. Maximum: No limit.|
|Payout amount*||Minimum: Rs.1,000.|
Key Features of Exide Life Immediate Annuity Plan
|Type||Single premium plan.|
|Premium paying term||Single – one-time payment of premium.|
|Annuity Frequency Mode||
|Loan||There is no loan facility available with this policy|
|Large volume discount||
The rate per Rs.1,000 of purchase price for different purchase range is as follows:
|Free look period||
You get 15 days and 30 days in case the policy was issued under the IRDA guidelines for distance marketing.
You need to submit a written reason for objection. The premium will be provided to you if you give a written notice for cancellation along with the policy document.
|Grace period||The policyholder will get 30 days of grace period for annual premium paying frequency from the premium due date to make the payment.|
|Survival value||Not allowed under this plan.|
|Revival||The lapsed policy can be revived in 2 years from the first unpaid premium.|
|Nomination||Should be in accordance with provisions of Section 39 of the Insurance Act, 1938.|
|Tax Benefit||As per the prevailing tax laws in the country.|
|Survivorship||The company at any time will request the annuitant to submit proof of survival for the purpose of payment of annuity benefits.|
Advantages of Exide Life Immediate Annuity Plan
- Lifelong payouts of annuity are guaranteed.
- Flexibility to choose between payout options in order to receive annuity amount.
- Large volume discounts on annuity rates that are based on purchase price range.
- No medical examination is required for this plan.
- Tax benefits.
- In the case of the death of the annuitant, the purchase price (or a part thereof) will be refunded.
How The Plan Works
Mr. Babu, a 55 year old technician, purchased this plan with return of premium, by paying a purchase price of Rs.11,00,000. He’s looking at a yearly mode of annuity payouts.
- Annuity rate for Yearly mode, per purchase of Rs.1,000 = Rs.44.18.
- Large volume discount per Rs.1,000 = Rs.5.
- Annuity rate including large volume discount = Rs.49.18 (i.e., Rs.44.18 + Rs.5)
- Annuity paid to Mr. Babu on a yearly basis till his survival = Rs.54,098 (i.e. Rs.49.18 x Rs.11,00,000).
No riders are available with this policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017