Various Options Available under the Immediate Annuity Plan

You can choose any one of the following annuity options at inception. The annuity shall be payable in arrears under all options

Single Life annuity options

• Life Annuity: Annuity shall be payable at a constant rate throughout the life of the annuitant. In event of death of the annuitant, all future annuity payments shall cease immediately.
  
• Life Annuity with return of Purchase Price: Annuity shall be payable at a constant rate throughout the life of the annuitant. In case of death of the annuitant, all future annuity payments shall cease immediately and the purchase price shall be payable to the nominee or beneficiary
• Life Annuity with Return of Balance: Annuity shall be payable at a constant rate throughout the life of the annuitant. In case of death of the annuitant, the annuity payments will cease and the balance, if any, shall be refunded to the nominee or beneficiary. The balance shall be equal to the purchase price less sum of total annuity payments made as on date of death provided the difference is positive.
• Life Annuity with certain period of 5, 10, 15 or 20 years: Annuity shall be payable at a constant rate for a guaranteed period of 5, 10, 15 or 20 years from policy issue, as per the option exercised by the annuitant, irrespective of survival of the annuitant. Thereafter annuity shall be payable throughout the life of the annuitant. In case of death of annuitant within the guaranteed period, annuity payments shall continue to be paid to the nominee till the end of the chosen guaranteed period and thereafter the annuity payments shall cease. The end of guaranteed period will be either the 5th, 10th, 15th or 20th policy anniversary depending on the choice of option. In case of death of annuitant after the guaranteed period, all future annuity payments shall cease immediately.
• Increasing Life Annuity (Increasing @ 3%): The amount of Annuity payable shall increase @ 3% compounded per annum and shall be payable throughout the life of the annuitant. This increase would be applicable at each policy anniversary. In case of death of the annuitant, all future annuity payments shall cease immediately
• Increasing Life Annuity (Increasing @ 3%) with return of Purchase Price: The amount of Annuity payable shall increase @ 3% compounded per annum a shall be payable throughout the life of the annuitant. This increase would be applicable at each policy anniversary. In case of death of the annuitant, annuity payments shall cease immediately and purchase price shall be payable to the nominee or beneficiary

Joint Annuity (Two Lives) options

Under the options described below, both primary life and spouse (secondary life) are annuitants

• Joint Life Last Survivor Annuity: The annuity payments shall be payable at a constant rate as long as one of the annuitant is alive. All future annuity payments shall cease upon the death of the last surviving annuitant or upon simultaneous death of both the annuitants.
• Joint Life Last Survivor Annuity with return of Purchase Price: The annuity payments shall be payable at a constant rate as long as one of the annuitant is alive. In case of death of the last surviving annuitant or in case of simultaneous death of both the annuitants, the purchase price shall be payable to the nominee or beneficiary.
• Joint Life Last Survivor Annuity reducing to 50% for spouse: The annuity payments shall be payable in full as long as the primary life is alive. In case of death of the primary life, 50% of annuity payments shall be payable to the spouse for life. Annuity payments shall cease upon the death of the last surviving annuitant or upon simultaneous death of both the annuitants.
• Joint Life Last Survivor Annuity reducing to 50% for spouse with return of Purchase Price: The annuity payments shall be payable in full as long as the primary life is alive. In case of death of the primary life, 50% of annuity payments shall be payable to the spouse for life. Upon death of the last surviving annuitant or upon simultaneous death of both the annuitants, annuity payments shall cease and the purchase price will be paid to the nominee or beneficiary