• The annuity amount shall be paid in arrears for as long
as the Annuitant and/or spouse are alive, as per the
chosen mode of annuity payment.
• On death of the last survivor, the annuity payments will cease
immediately and 100% of Purchase Price shall be payable to
the nominee(s)/legal heirs.
- This plan is a Standard Immediate Annuity, in accordance with the regulations set forth by the Insurance Regulatory and Development Authority of India (IRDAI). It offers consistent terms and conditions for all life insurance providers.
- The Policyholder has the flexibility to select one of two available annuity options by making a lump sum payment.
- The annuity rates are fixed at the start of the policy, and annuity payments continue throughout the lifetime of the Annuitant(s).
- This plan can be acquired through both offline and online channels via LIC’s website at www.licindia.in.
Benefits
Option I
- The annuity payments shall be made in arrears for as long
as the Annuitant is alive, as per the chosen mode of annuity
payment. - On death of the annuitant, the annuity payment shall cease
immediately and 100% of Purchase Price shall be payable to
nominee(s)/legal heirs.
Option II
Eligibility Conditions
- Minimum Age at Entry: 40 years (completed)
- Maximum Age at Entry: 80 years (completed)
- Minimum Annuity
- Annual - Minimum Annuity: ₹12,000 per annum
- Minimum Purchase Price: Minimum Purchase price shall depend on the Minimum Annuity as specified in (iii) above, Option chosen and age of the Annuitant.
- Maximum Purchase Price: No Limit
| Annuity Mode | Montdly | Quarterly | Half-yearly | Annual |
| Minimum Annuity | Rs 1,000 per montd | Rs 3,000 per quarte | Rs 6,000 per half year | Rs 12,000 per annum |
