BSLI Immediate Annuity Plan

Introduction/Overview

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

Key Features

• 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

Benefits

• 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.

Product Specification:

Policy Details

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.

Read Also: Types of Annuity

Inclusions

• Loan is not available under the plan

Additional Features or Riders

• No medical tests are required to purchase the plan

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.