Your Individual Pension Account (IPA) grows at an interest rate declared every year.
It is determined subject to the performance of the fund.
However, the minimum interest rate on your IPA is 5% p.a. for first 5 policy years
and 1.5% p.a. for rest of the policy term. The interest once added in IPA is guaranteed
to be paid.
This plan offers multiple flexibilities to help you plan your retirement as per
- Top-Up Premium: In addition to the regular premium, you can pay
an additional amount during the policy term** to ensure your retirement fund grows
- Premium Payment Options :
- Choose from Regular, Limited or Single Payment options.
- Choose to pay premium monthly or annually.
- Choose to decrease or increase the premium payment term by keeping the premium amount
On completion of vesting term, you will get Guaranteed Vesting Benefit which is
- Gross premiums including top-up premiums compounded @ 1% p.a., or
- Individual pension account (IPA) value.
You may commute up to 30% of the vesting amount tax free and use minimum 70% to purchase annuity from after attaining age 55 to ensure a monthly income guaranteed for your life time.
All premium allocation charges deducted are refunded to your Individual Pension
Account on vesting (reaching the retirement age) once you have made a total premium
4,80,000/- (does not include top-up premiums).
Premiums paid are tax free under section 80C as per applicable income tax laws.