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 opting for Life Annuity with Return of Purchase Price, the applicable annuity rate for purchase price of Rs. 250,000 may be 5.97%. However, a higher annuity rate of 6.18% may apply if the purchase price is, say, Rs 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.