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SUD Life Immediate Annuity Plan

What is the Plan all About?

SUD Life Immediate Annuity Plus is a Non-Linked & Non-Participating Individual Immediate Annuity plan, which ensures you a regular income throughout your life. You have the flexibility to choose from multiple annuity options to receive payouts.

You can choose from 2 different plan options:

  • Plan Option A
  • Plan Option B

What are the Key Features?

  • Regular income throughout life
  • 2 plan options
  • Multiple annuity options
  • Single premium payment term
  • Flexible annuity payment mode
  • High purchase price benefit
  • Tax benefits

What are the Plan Benefits?

Annuity Options

    Under Plan Option A, there are 10 following annuity options you can choose from.

    Option 1- Life Annuity: Annuity payment available till survival of the life insured and on his/her death, the annuity payouts will cease.

    Option 2- Life Annuity with Return of Purchase Price: Annuity for life is available till survival and in case of demise, purchase price is returned to the nominee.

    Option 3- Increasing Life Annuity with Return of Purchase Price: Annuity for life increasing @5% simple rate is payable till survival and in case of demise, purchase price is returned to the nominee.

    Option 4- Joint Life Annuity (50%): Annuity is payable till survival of the primary annuitant and on his/her death, 50% of the annuity is payable to the secondary annuitant.

    Option 5- Joint Life Annuity (100%): Annuity is payable till survival of the primary annuitant and on his/her death, 100% of the annuity is payable to the secondary annuitant.

    Option 6- Joint Life Annuity (50%) with Return of Purchase Price: Annuity is payable to the primary annuitant as long as the annuitant survives. On death, 50% of the annuity is payable to the secondary annuitant. In the event of the demise of the secondary annuitant, purchase price is returned.

    Option 7- Joint Life Annuity (100%) with Return of Purchase Price: Annuity is payable to the primary annuitant as long as the annuitant survives. On death, 100% of the annuity is payable to the secondary annuitant. In the event of the demise of the secondary annuitant, purchase price is returned.

    Option 8- Annuity certain for 10 years: Annuity payable for 10 years and for life on survival of the annuitant.

    Option 9- Annuity certain for 15 years: Annuity payable for 15 years and for life on survival of the annuitant.

    Option 10- Annuity certain for 20 years: Annuity payable for 20 years and for life on survival of the annuitant.

    Under Plan Option B, there are 2 annuity options.

    Annuity Option 2- Life Annuity with Return of Purchase Price: Annuity for life is available till survival and in case of demise, purchase price is returned to the nominee.

    Annuity Option 7- Joint Life Annuity (100%) with Return of Purchase Price: Annuity is payable to the primary annuitant as long as the annuitant survives. On death, 100% of the annuity is payable to the secondary annuitant. In the event of the demise of the secondary annuitant, purchase price is returned.

Death Benefit

    Following is the death benefit payable:

    Under Plan Option A

    Option 1- Life Annuity: On the death of the annuitant, no annuity payouts will be available.

    Option 2- Life Annuity with Return of Purchase Price: In case of demise, purchase price is returned to the nominee.

    Option 3- Increasing Life Annuity with Return of Purchase Price: In the event of the demise of the annuitant, purchase price is returned to the nominee.

    Option 4- Joint Life Annuity (50%): On the death of the annuitant, 50% of the annuity is payable to the secondary annuitant.

    Option 5- Joint Life Annuity (100%): On the death of the annuitant, 100% of the annuity is payable to the secondary annuitant.

    Option 6- Joint Life Annuity (50%) with Return of Purchase Price: On the death of the primary annuitant, 50% of the annuity is payable to the secondary annuitant. In the event of the demise of the secondary annuitant, purchase price is returned.

    Option 7- Joint Life Annuity (100%) with Return of Purchase Price: On the death of the primary annuitant, 100% of the annuity is payable to the secondary annuitant. In the event of the demise of the secondary annuitant, purchase price is returned.

    Option 8- Annuity certain for 10 years: Annuity payable for 10 years, even in case of death of the annuitant.

    Option 9- Annuity certain for 15 years: In the event of demise of the annuitant during the period of 15 years, the annuity is payable till the completion of this period.

    Option 10- Annuity certain for 20 years: Annuity is payable for 20 years to the nominee, even on death of the annuitant during this period.

    Under Plan Option B, there are 2 annuity options.

    Life Annuity with Return of Purchase Price: In case of demise, purchase price is returned to the nominee.

    Joint Life Annuity (100%) with Return of Purchase Price: On death, 100% of the annuity is payable to the secondary annuitant. In the event of the demise of the secondary annuitant, purchase price is returned.

Survival Benefit

    For plan Option A, Annuity is payable till the annuitant is alive or up to the end of the certain period, whichever is later. The survival benefit is payable, depending on the annuity option chosen. For plan Option B, Annuity is payable as long as the annuitant is alive.

Bonus

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

Loan Benefit

    No loan is available under this policy.

Surrender Value

    Surrender Value is available for Annuity Option 2, Annuity Option 3 & Annuity Option 7. Surrender Value is expressed as a percentage of Purchase Price. For Plan Option A, It is 95%/98%/100% when surrendered during 0 to 3rd policy year/4th to 10th policy year/11th policy year onwards, respectively. For Plan Option B, the surrender value payable is 95%/100% when surrendered during 0 to 3rd policy year/11th policy year onwards, respectively.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) Plan Option A- 0 Years (purchase Of Annuity With Proceeds From Any SUD Life Deferred Pension Plan), 45 Years (Open Market Purchase Option) Plan Option B- 60 Years 99 Years
Annual Annuity Amount Rs 1200 (SUD Life Pension Plan Policyholders), Rs 2640 (others) No Limit
Purchase Price Rs 1,00,000 No Limit
Annuity Payment Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Paying Term Single Premium -
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?

You are eligible for tax benefits under section 80C & 10(10D) of the IT Act, 1961. Tax benefits applicable, subject to prevailing tax laws.

How the Plan Works?

Mr. Raghu aged at 45 years buys SUD Life Immediate Annuity Plus to receive a regular income throughout his life. He chooses plan option A along with ‘Life Annuity with Return of Purchase Price’ annuity option with the purchase price of Rs 1 Lac.

Scenario I: On Survival of Raghu

In case of survival of Raghu, the annuity amount is payable throughout his life.

Scenario II: On demise of Raghu

In case of demise of Raghu, the purchase price i.e., Rs 1 Lac is returned to the nominee.