Limitations

Annuity amount is paid between 5 and 20 years (mostly at five years interval), as per the annuity option exercised by the annuitant.

Life annuity with annual increase: Life annuity is paid with three to five per cent increase (simple interest), with return of purchase price after death of the annuitant to the spouse or the nominee. Joint life annuity with one-third, 50 per cent or 100 per cent of the life annuity is paid along with the return of purchase price.

Advantages

Availability of a product to deposit in lump sum and get the same back in EMIs Wide range of options/products to choose from Any bonus or a lump-sum windfall can be used to take this policy for a lifetime Flexible annuity payment modes to suit individual preferences Annuity payments are guaranteed Tax benefits an added advantage Availability of rider benefits