BSLI Immediate Annuity Plan is a traditional pension plan where annuity starts immediately following the payment of premium. It thus takes care of income inflows in the retirement stage of the policyholder’s life
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Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
It is an immediate annuity plan with single premium option where the annuity starts immediately after premium payment from the next chosen date
There are 5 annuity options:
Life Annuity at uniform rate
Lifetime Annuity with Return of Purchase Price on death of the annuitant
Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life
Life Annuity increasing at a simple rate of 3% p.a.
Joint Life Last Survivor with annuity paid to the primary annuitant and on his death, till the secondary annuitant is alive
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Annuity payouts will be paid as per the frequency chosen immediately after the premium paid
Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.
Minimum | Maximum | |
Entry Age (Last Birthday) | 30 years | 90 years |
Purchase Price | Depends on age and the annuity chosen | |
Yearly Annuity Payout | 12,000 | No limit |
Annuity payout Frequency | Monthly, quarterly, half-yearly, yearly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Grace Period: Grace period is not applicable.
Policy Termination or Surrender Benefit: the policy cannot be surrendered
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Loan is not available under the plan
No medical tests are required to purchase the plan
Policyholder has to fill up an ‘Application form/proposal form’ with accurate medical history along with the address proof and other KYC documents.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply