Exide Life Immediate Annuity Plan

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Introduction/Overview

Exide Life Immediate Annuity is a traditional Pension plan which is designed to take care of expenses post retirement by providing regular annuity.

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

Benefits

  • Annuity payouts will be paid as per the frequency chosen immediately after the premium paid
  • On death, the purchase price is returned entirely if the policy year of death is 30 years or less otherwise the purchase price less the annuity payouts already made are returned to the nominee
  • Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

0 years

75 years

Purchase Price

50,000

No limit

Yearly Annuity Payout

1,000

No limit

Annuity payout Frequency

Monthly, quarterly, half-yearly, yearly

Details about Premium

Annuity rates for a purchase price of 1 lakh

Age / Frequency

Monthly

Quarterly

Half-yearly

Yearly

50 yrs.

4166

4181

4205

4251

55 yrs.

4328

4344

4369

4418

60 yrs.

4493

4508

4533

4584

 

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.

Inclusions

  • Loan is not available under the plan

Additional Features or Riders

  • Higher annuity payout rates if the plan is purchased from the proceeds of an existing pension plan with the company
  • Higher annuity rates for purchase price ranges greater than 2 lakhs

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.