The Reliance Immediate Annuity Plan provides the support to its insurance holders who are planning to retire early. Reliance Life Insurance understands the needs of an individual from an insurance product. This immediate annuity plan is a traditional pension plan where annuity starts immediately and thus it allows the policyholder to plan for retirement. It helps the policy holders to build a corpus for their life after retirement so that they can live their life happily to the fullest.Read more
Get Guaranteed Lifelong Pension
For You And Your Spouse
Invested amount returned to your nominee
Invest 20k monthly & Get yearly pension of 4.2 Lacs for Life
Guaranteed Return For Life
Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance
plan. Standard T&C Apply
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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 3 annuity options of:
Life Annuity with return of purchase price
Life Annuity guaranteed for 5/10 or 15 years and thereafter payable for life
No medical tests are required
*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 is chosen immediately after the premium paid
In the case of a life annuity with return of purchase price option, the purchase price (single premium paid at commencement) shall be payable to the nominees besides the annuity installments already paid
In the case of a life annuity guaranteed for 5, 10 or 15 years, the annuity continues to be paid for the guaranteed time even if the policyholder dies during that time
Tax Benefits: Income tax benefit on the premium paid as per section 80C of income tax act.
|Entry Age (Last Birthday)||20 years||80 years|
|Purchase Price||100,000||No limit|
|Annuity Payout||1000||No limit|
|Annuity payout Frequency||Monthly, quarterly, half-yearly, yearly|
Grace Period: On failure of premium payments, no grace period is provided since it is a single premium plan.
Policy Termination or Surrender Benefit: The policyholder cannot surrender his plan anytime he wants to.
Free Look Period: If the policyholder feels dissatisfied with the coverage or the terms and conditions of his policy, then he has the option to cancel his plan within 15 days of receiving the policy documents, provided no claims have been done yet.
Loan Benefits: This plan does not provide any loan benefits under it.
No benefit is paid if the policyholder commits suicide. But if the life annuity with return of purchase price option is chosen, then the purchase price is payable to the nominees.
The policyholder has to submit an Application form/proposal form with an accurate history of medical records with address proofs and other KYC documents. In some cases, the additional medical examination might also be required, based on the sum assured and the age of the insured person.
Annuity for 5/ 10/ 15 years and subsequently for life:
Under this annuity option, the annuity shall be payable for a certain period of time for 5/ 10/ 15 years as per annuitant’s choice and subsequently for the annuitant’s life.
Life annuity with return of purchase price:
Under this annuity option, the annuity is payable for the annuitant’s lifetime, and in case of the death of the annuitant, the purchase price is paid to the nominees.
Annuity for life:
Under this annuity option, the annuity is payable throughout the annuitant’s life.
Any policyholder found making defaults in obeying the provisions of this section shall be considered punishable with a fine amount as declared by the company. The fine amount can be a maximum of Rs 500.