Invest one lump sum amount and start receiving regular income (annuity) at a chosen frequency for rest of your life.
You can choose to receive annuity payments yearly, half yearly, quarterly or monthly as per your financial requirements.
On demise of the annuitant the entire Purchase Price will be paid to the nominee or legal heirs.
No medicals are required. Just pay a lump sum amount and start receiving annuity at chosen frequency.
The annuity rates vary by purchase price band. The purchase price bands are as specified below:
|Band ||Purchase Price |
|Band 1 ||Less than ₹100,000 |
|Band 2 ||₹100,000 to less than ₹250,000 |
|Band 3 ||₹250,000 to less than ₹500,000 |
|Band 4 ||₹500,000 to less than ₹2,500,000 |
|Band 5 ||₹2,500,000 and above |
For example, for a 60-year old annuitant, the applicable annuity rate for purchase price of ₹ 250,000 may be 6.35%. However, a
higher annuity rate of 6.54% may apply if the purchase price is, say, ₹500,000. Please note that the annuity rate is subject to change
depending on the prevailing economic conditions; however the rates once applied at the time of entry are guaranteed for the rest of his/
her life on the given Purchase Price.