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BSLI Immediate Annuity Plan

What is the Plan all About?

BSLI Immediate Annuity Plan is a traditional & non-participating single premium plan that ensures you a regular income after the retirement. This annuity plan converts your savings to receive a guaranteed lifetime income post retirement and you have the flexibility to choose this option anytime. This plan is available for individuals and employer – employee groups.

What are the Key Features?

  • Guaranteed income for retired life
  • 6 annuity payout options
  • Flexible annuity payout mode
  • No medical tests required
  • Single premium payment
  • Tax benefits

What are the Plan Benefits?

Annuity Options

    Option 1: Annuity is payable for life at a constant rate. Upon unfortunate demise of the annuitant, the annuity payouts will stop.

    Option 2: Annuity is payable for the entire life till survival of the annuitant and on his/her death, the return of the purchase price is payable.

    Option 3: The guaranteed annuity is payable for the chosen term of 5/10/15/20 years and after that till the annuitant is alive. In the event of death of annuitant during the chosen term, the nominee will receive the annuity for the remaining term.

    Option 4: The annuity is payable for the entire life at a simple increasing rate @3% per annum. On the death of the annuitant, the annuity payouts will stop.

    Option 5: Joint Life, Last Survivor in which the annuity is first paid to the primary annuitant. Upon death of the primary annuitant, the second annuitant (spouse) receives the annuity. Upon death of the secondary annuitant, the annuity payouts will stop.

    Option 6: Joint Life Last Survivor with return of purchase price, in which the annuity is first paid to the primary annuitant. Upon death of the primary annuitant, the second annuitant (spouse) receives the annuity. On the death of the secondary annuitant, the purchase price is returned to the nominee/beneficiary.

Death Benefit

    Upon choosing annuity option 2, on the death of the annuitant, the return of the purchase price is payable.

    Under option 3, the nominee will receive the annuity for the remaining chosen term, in the event of death of the annuitant.
    Under option 5, upon death of the primary annuitant, the second annuitant (spouse) receives the annuity.
    Under option 6, upon death of the primary annuitant, the second annuitant (spouse) receives the annuity. On the death of the secondary annuitant, the purchase price is returned to the nominee/beneficiary.

Bonus

    No bonuses are applicable, as it is a non-participating annuity plan.

Loan Benefit

    No loan benefit is available under this plan.

Surrender Value

    No surrender value is payable under this plan.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 30 Years 90 Years
Annuity Payout Amount Rs 12,000 (annually), Rs 6,000 (semi Annually), Rs 3,000 (quarterly), Rs 1,000 (monthly) -
Annuity Payout Frequency Annually, Semi Annually, Quarterly & Monthly -
Premium Paying Term Single -
Premium Amount Depends On The Annuity Income Chosen -
Freelook Period 15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period Nil -
Plan Type Offline -

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

This plan offers tax benefits under section 80CCC of the Income Tax Act, 1961. The applicable tax benefits are subject to change in tax laws.

How the Plan Works?

Sachin at 30 years of age is looking to opt for a plan that can ensure a guaranteed regular flow of income after his retirement. He buys BSLI Immediate Annuity Plan with the vesting age of 55 years opts for Annuity Option 1 and chooses to receive a guaranteed annual income of Rs 371,311 for whole life.

Scenario I: On survival of Sachin
In case of survival of Sachin, annuity is payable for his entire life that will help him take care of his expenses.

Scenario II: On demise of Sachin
On the demise of Sachin, annuity payouts will cease and no payments are made, thereafter.