Star Union Dai-ichi Life Immediate Annuity Plan

Key Features

• This policy provides a regular income upon retirement.
• The policy has an affordable minimum purchase price of Rs. 500,000.
• The policyholder has the choice of how much annuity he or she wishes to receive after retirement.
• The policyholder has the flexibility of receiving the annuity in annual, semi-annual, quarterly or monthly modes.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Benefits

• The policyholder receives tax benefits under section 80(C) of the Income Tax Act.
• In the unfortunate event of the death of the Life Insured, his or her nominee receives a Death Benefit that is dependent on the annuity chosen by the policyholder.
• The policy offers four annuity options for its customers:

• Life Annuity
• Life Annuity with the return of Purchase Price
• Life Annuity that increases by 5% every year with the return of Purchase Price, payable on death.
• Life Annuity that increases by 5%every year without the return of Purchase Price.

Product Specification:

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Details About Premium

Policy Details

Grace Period: Grace Period is not available for this policy as it is a single premium payment.

Policy Termination or Surrender Benefit: Surrender Benefit is not available with this policy. Termination of the policy occurs on the death of the life assured.

Free Look Period: A limited free look period of 15 days from the date of receiving policy documents is allowed to review the policy. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The premium that was paid will be refunded minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards stamp duty charges.

You may also like to read: Present Value of Annuity Formula | Future Value of Annuity Calculator

Inclusions

• The annuity is paid annually, semi-annually, quarterly and monthly intervals as per the choice of the policyholder at the time of purchase of the policy. Depending on the mode of annuity chosen, the first annuity payment is made one month, three months, six months or one year after the date of purchase.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Documents Required

The policyholder has to fill up an ‘Application form’ with identity proof, bank account proof, address proof and a recent photograph. A medical examination may be required.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply