New Jeevan Akshay - VI (Immediate Annuity Plan)

New Jeevan Akshay - VI

Table No. 189

(Immediate Annuity Plan)

New Jeevan Akshay-VI is a single premium plan, suitable for retired employees for one time investment.  This form of plan is of special interest to persons without dependents since it provides the maximum possible income on the invested capital, consistent with absolute safety. 

The purchase of an annuity is the best possible investments for sums withdrawn from provident funds on retirement from service and it is the most satisfactory method of providing pensions to employees or dependents. Also suitable for people who need regular and periodical amount without interruptions - be it young graduates, professionals or businessmen. The Plan is designed to ensure maximum possible returns on the invested capital and the safety of the funds as well.

The income is returned by way of pension payments throughout life. The first annuity installment will be paid one year, six months, three months or one month after the date of purchase according to annuity mode opted. The annuity payment ceases with the last installment falling due prior to date of death. However, if desired the annuity can be made payable for 5, 10, 15, or 20 years definitely and so long thereafter as the annuitant may be alive.

Benefits

Ø  Annuity  commences immediately after the first interval and continue till the death

Ø  In case of the option to receive guaranteed annuities is exercised, then the legal heirs receive the amounts in the event of the annuitant's death happening within the guaranteed period for the guaranteed period.

Ø  The various options available to a policyholder are as follows:

                

Option A	Pension payable for life time
Option B	Pension payable for 5 years guaranteed and for life thereafter.
Option C	Pension payable for 10 years guaranteed and for life thereafter.
Option D	Pension payable for 15 years guaranteed and for life thereafter.
Option E	Pension payable for 20 years guaranteed and for life thereafter
Option F	Pension with return of purchase price.
Option G	Pension increasing at 3% p.a. (simple)
Option H	Annuity for life with provision for 50% of the annuity to the spouse for life on death
Option I	Annuity for life with provision for 100% of the annuity to the spouse for life on death

Features

Ø  A Single premium Plan

Ø  Annuity modes allowed are Yearly, Half Yearly,  Quarterly and Monthly.

Ø  Minimum age at entry is 40 years.

Ø  Maximum age at entry is 79 years.

Ø  Minimum purchase price is Rs. 50,000.

Ø  Minimum Annuity Installment Rs. 500 per month, Rs. 1,000 per quarter, Rs. 2,000 per half year and Rs 3000 per year.

Ø  No medical exam is required.

Ø  Not eligible for loan.

Ø  There is no surrender value.