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Exide Life New Immediate Annuity with Return of Purchase Price is a pension plan in which you pay the premium only once and immediately start receiving pension at a chosen payout frequency for life. This plan also provides you a guarantee of return of full purchase price in the event of death of the policy holder.
In the event of death of the annuitant/policyholder, the entire purchase price is payable to the nominee or legal heir.
The Annuity rates based on the purchase price, the age at entry and the annuity payout mode. Your regular income for life will start, as you choose the annuity payout mode. You can enjoy a higher annuity rate, if you have an existing Exide Life pension accumulation policy and decide to buy the annuity from those proceeds.
No bonuses are payable under this plan.
No loan is available under this policy.
This policy does not acquire a surrender value.
|Age (as on last birthday)||0 Years (for Existing Customers), 45 Years (for Customers Other Than Existing Customers), 55 Years (members Of A United Kingdom Registered Pension Scheme)||75 Years|
|Premium Paying Term||Single Premium||-|
|Premium Paying Mode||Single Pay||-|
|Purchase Price||As Per The Minimum Annuity Amount Of Rs 1,000 Per Month||No Limit|
|Annuity Amount||Rs 1,000 (monthly)||-|
|Annuity Payout Mode||Annually, Semi Annually, Quarterly & Monthly||-|
|Freelook Period||15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
No rider can be opted under this plan.
The payment of Annuities and Death Benefit received are eligible for tax benefits, subject to prevailing tax laws as on the date of payment
Mr. Ahluwalia aged at 50 years, buys Exide Life New Immediate Annuity with Return of Purchase Price. If opts for purchase price of Rs 2,00,000, the Annuity payable is Rs 10,926 annually.
Scenario A: Survival of Ahluwalia
A regular income for life will be payable, depending on the annuity payout mode chosen.
Scenario B: Ahluwalia dies during the Term of the Policy
In the event of the demise of Ahluwalia, the entire purchase price i.e., Rs 2,00,000 is payable to his nominee or legal heir.