"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Reliance Life Immediate Annuity Plan

    Reliance Life Insurance

    Reliance life insurance is among the country's top private life insurance providers. It has an extensive distribution channel with over 800 branches across the nation. It follows a customer centric approach and has a claim settlement ratio of 91% with over 10 million policies in force. The Reliance Immediate Annuity plan helps you invest your money by converting a lump sum or a corpus into a fixed regular income enabling you to live life to its fullest. It offers a variety of annuity options and depending on the type of annuity and payout frequency chosen you start receiving regular annuity income.

    Key Features:

    Below are the key features of the reliance Immediate Annuity Plan:

    • The Reliance Immediate Annuity plan is a non-participating non linked plan that helps you in investing your hard earned money.
    • The Reliance Immediate Annuity Plan gives you a regular income for the future and helps you secure yourself financially post retirement.
    • The Policy offers 3 options for Annuity Payout. Life Annuity, Life Annuity with return of purchase price and Life Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
    • The Reliance Immediate Annuity Plan does not offer death or maturity benefits.
    • There are no Riders available in this policy.
    • This policy does not offer any surrender benefits. The policy has no surrender value and cannot be surrendered.
    • This policy once undertaken does not allow for partial or complete withdrawal.
    • Annuity rates at the time of purchasing the plan remain the same thereafter.

    Benefits:

    The benefits of Reliance Immediate Annuity Plan are below:

    1. Hassle free enrollment: The Reliance Immediate Annuity Plan has a smooth enrollment process with minimal paperwork required. It also can be acquired without having to go through various medical tests.
    2. It provides tax benefits on the premium you pay and the benefits you receive as per applicable income tax laws.
    3. It has a one time payment of premium. Policyholder is required to make a one time premium payment in the form of the desired lump sum or corpus.
    4. The policy is flexible. It offers 3 options from which you can choose your annuity payout. They are life annuity, life annuity guaranteed for 5, 10 or 15 years and payable for life thereafter.
    5. It offers a variety of annuity payout frequencies. You can choose to have your annuity paid out annually, half-yearly, quarterly or monthly.
    6. The policy guarantees whole life income or annuity.

    Eligibility:

    Below are the criteria for eligibility for Reliance Immediate Annuity Plan:

    Criteria

    Minimum

    Maximum

    Age at Entry

    Minimum age of entry is 20 years as at last birthday

    Maximum age of entry is 80 years as at last birthday

    Purchase Price

    RS 1,00,000 is the minimum purchase price

    There is no limit on the maximum purchase price

    Annuity Installment

    RS 1000 is the minimum Annuity Installment

    There is no maximum Annuity Installment

    The Annuity Payout modes are monthly, quarterly, half-yearly and yearly. The payout is a minimum of RS 1000 regardless of any mode chosen.

    How the Plan works?

    Let us assume Mr Sandeep aged 60 years opts for a Reliance Immediate Annuity Plan. He makes a one-time premium payment of RS 5,00,000 excluding service tax. If he selects the Annuity option of Life Annuity with return of purchase price on death and chooses the annuity payout mode as monthly he would be receiving a guaranteed monthly income of RS 2371 per month or RS 28, 455 per annum. Assuming Mr Sandeep dies at the age of 80, he would have received RS 5.7 lac through the 20 year period. The purchasing price of RS 5 lac excluding service tax would be returned to the beneficiary in the form of a lump sum.

    The Annuity Payout options are as follows:

    1. Life Annuity with return of purchase price: This option is explained in the above example. The policyholder is paid annuity throughout his life. Upon his/her death the purchase price minus the service tax charges will be paid out to the nominee chosen by the policyholder in the form of a lump sum and the policy is then terminated.
    2. Life Annuity: In this option, the Annuity is paid throughout the life of the policyholder and upon his/her death, the policy is terminated and no further benefit is given.
    3. Life Annuity guaranteed for 5, 10 or 15 years and payable for life thereafter: In this option the annuity will be paid to the policyholder for a guaranteed period of 5, 10 or 15 years and after that period and thereafter will be payable for life of the policyholder.

    If the policyholder dies within the guaranteed period of 5, 10 or 15 years, Annuity is paid to the nominee chosen by the policyholder till the end of the payout period. After the payout period expires, the policy is terminated.

    In case the policyholder dies after the guaranteed payout period, no further payouts will be made and the policy will be terminated.

  • reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.