Benefits
Features
Eligibility
| Parameters | Minimum | Maximum | |
| Entry Age* | Immediate Life Annuity | 30 years | 85 years |
Immediate Life Annuity with Return of Purchase Price | 30 years | ||
Deferred Life Annuity with Return of Purchase Price | 45 years | ||
Annuity Payout (in Rs.)~ | Annually | 12,000 | No limit |
| Half-yearly | 6,000 | ||
| Quarterly | 3,000 | ||
| Monthly | 1,000 | ||
| Minimum/ Maximum Purchase Price** | Immediate Life Annuity | Rs. 42,076 | No limit |
| Immediate Life Annuity with Return of Purchase Price | Rs. 160,261 | ||
| Deferred Life Annuity with Return of Purchase Price | Rs. 76,046 | ||
| Minimum Group Size (For Group Policies) | 5 (Five) | ||
| Premium Payment Term | Single Pay | ||
The minimum annuity payouts shall be in accordance with IRDAI (Minimum limits for Annuities and other Benefits) Regulations, 2015.
The minimum purchase price that will produce the minimum annuity mentioned above will depend on the minimum annuity rates, as applicable.
All ages are calculated as at last birthday. Risk cover starts from date of commencement of policy for all lives including minors. In all individual cases, the relationship between the proposer and life assured shall be specified.
In case this option is purchased as a default option by government sector NPS subscriber through funds accumulated in his/her NPS scheme, the utilization of Death Benefit shall be as per Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) Regulations, 2015 amended from time to time.
In the case of Joint life annuities the age limits apply to both lives. Annuitant(s) below this age will only be accepted where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required. If this product is purchased as QROPS through transfer of UK tax relieved assets, the minimum entry age for payment of annuity will be governed by the rules defined by HMRC from time to time. Higher ages at entry may be allowed for Life Annuity with Return of Purchase Price Option and Joint Life Annuity with Return of Purchase Price options to cater to the needs of NPS subscribers as per extant PFRDA guidelines. In the case of Joint life annuities the age limits apply to both lives.
Amounts below this value will only be offered where the proceeds are from a contract issued or administered by the Company where compulsory purchase of an annuity is required and to the subscribers of the National Pension System regulated by the Pension Fund Regulatory and Development Authority (PFRDA)
