Exide Life New Immediate Annuity With Return Of Purchase Price Plan

What is the Plan all About?

Exide Life New Immediate Annuity with Return of Purchase Price is a pension plan in which you pay the premium only once and immediately start receiving pension at a chosen payout frequency for life. This plan also provides you a guarantee of return of full purchase price in the event of death of the policy holder.

What are the Key Features?

Lifelong Annuity payouts guaranteed for life
Immediate annuity on single premium
Flexible annuity payout options
Payment of Purchase Price on demise
Large Volume Discount on the Annuity Rates
No Medical Examination
Tax benefits

What are the Plan Benefits?

Death Benefit

In the event of death of the annuitant/policyholder, the entire purchase price is payable to the nominee or legal heir.

Lifetime Income

The Annuity rates based on the purchase price, the age at entry and the annuity payout mode. Your regular income for life will start, as you choose the annuity payout mode. You can enjoy a higher annuity rate, if you have an existing Exide Life pension accumulation policy and decide to buy the annuity from those proceeds.

Bonus

No bonuses are payable under this plan.

Loan Benefit

No loan is available under this policy.

Surrender Value

This policy does not acquire a surrender value.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	0 Years (for Existing Customers), 45 Years (for Customers Other Than Existing Customers), 55 Years (members Of A United Kingdom Registered Pension Scheme)	75 Years
Premium Paying Term	Single Premium	-
Premium Paying Mode	Single Pay	-
Purchase Price	As Per The Minimum Annuity Amount Of Rs 1,000 Per Month	No Limit
Annuity Amount	Rs 1,000 (monthly)	-
Annuity Payout Mode	Annually, Semi Annually, Quarterly & Monthly	-
Freelook Period	15 Days/ 30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	Nil	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No rider can be opted under this plan.

Is the Plan, eligible for Tax Benefit?

The payment of Annuities and Death Benefit received are eligible for tax benefits, subject to prevailing tax laws as on the date of payment

How the Plan Works?

Mr. Ahluwalia aged at 50 years, buys Exide Life New Immediate Annuity with Return of Purchase Price. If opts for purchase price of Rs 2,00,000, the Annuity payable is Rs 10,926 annually.

Scenario A: Survival of Ahluwalia

A regular income for life will be payable, depending on the annuity payout mode chosen.

Scenario B: Ahluwalia dies during the Term of the Policy

In the event of the demise of Ahluwalia, the entire purchase price i.e., Rs 2,00,000 is payable to his nominee or legal heir.