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Reliance Nippon Life Immediate Annuity Plan is a non-linked & non-participating Annuity Plan that provides regular income post retirement for your entire life. Under this plan, you need to pay premiums only once as a lump sum and you can choose suitable Annuity Option, as per your requirements. Depending on the annuity option and the payout frequency chosen, you will start receiving regular annuity income for your entire life.
If the policyholder has opted for plan option – Life Annuity with Return of Purchase Price, on the unfortunate demise of the policyholder, the Purchase Price is paid to the nominee. No death benefit is payable for other Annuity options.
Change of Annuity option is not allowed.
Fixed annuity amounts are payable on the survival of the policyholder, based on the Annuity option chosen and as mentioned under the policy schedule. The Annuity option once chosen cannot be altered.
Annuity Payout Options
There are 3 different annuity payout options.
Life Annuity: Annuity is payable through the entire life of the policyholder. On the demise of the policyholder, policy gets terminated and no benefit is payable thereafter.
Life Annuity with Return of Purchase Price: Annuity is payable throughout the life of the policyholder. On the unfortunate demise of the policyholder, the Purchase Price is paid to the nominee of the policyholder and the policy is terminated.
Life Annuity guaranteed for 5, 10 or 15 years: Annuity is payable to the policyholder for a guaranteed period of 5, 10 or 15 years and thereafter, the entire life of the policyholder. In case of death of the policyholder during the guaranteed payout period, annuity is payable to the nominee.
No bonuses are payable, as it is a non-participating annuity plan.
No loan facility is available under this policy.
No Surrender Value can be acquired Under this plan.
|Age (as on last birthday)||20 Years||80 Years|
|Purchase Price||Rs 1,00,000||No Limit|
|Annuity Installment||Rs 1,000||No Limit|
|Annuity Payout Modes||Annually, Semi Annually, Quarterly & Monthly||-|
|Premium Paying Term||Single Premium||-|
|Premium Paying Mode||Single Pay||-|
|Freelook Period||15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
No rider can be attached under this plan.
The premiums paid and benefits received under this policy are eligible for tax benefits, subject to prevailing tax laws.
Mr. Mohan aged at 60 years buys Reliance Nippon Life Immediate Annuity Plan, chooses ‘Life Annuity with return of purchase price’ annuity option. He pays a one-time premium of Rs 5,00,000.
Scenario A: Mohan Survives the Policy Term
The guaranteed income of Rs 2,371 per month (Rs 28,455 p.a.) is payable as long as Mohan survives.
Scenario B: Mohan dies during the Term of the Policy
In the event of the demise of Mohan at the age of 80 years, his nominee will receive the Purchase Price of Rs 5 Lacs as lump sum death benefit.