Exide Life Life Immediate Annuity Plan
ING Life Immediate Annuity Plan is an Immediate Annuity Plan. It is a Traditional Plan without Bonus facility.
Key Features
There is no additional rider in this plan
There are only 1 option for Annuity in this plan:
- Life annuity with return of Purchase price
Benefits
Depends on the year of death in this plan.
- If the Annuitant dies within the first 30 policy years, the entire Purchase Price is paid back to the nominee as Death Benefit and the policy terminates
- If the Annuitant dies after the first 30 policy years, then the Purchase Price- Total amount of Annuity paid from the end of the 30th policy year till the date of death is paid to the nominee as Death Benefit and then the policy terminates
Being a pure annuity plan, there is no Maturity Benefit in this plan.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and 1/3rd of the Maturity Proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions.
How it works
In this plan, payment needs to be paid in a lumpsum. The initial amount of money paid for the purchase of annuity is called Purchase Price. Once the Purchase Price is bought, Annuity starts from the next installment. Annuity can be taken in Monthly, Quarterly, Half yearly and Annual modes.
The Annuity Option available in this plan is Life Annuity with Return of Purchase Price. The Annuity continues till death and the Purchase Price is paid to the nominee after the death of the Annuitant.
However, the Death Benefit depends on the year of death in this plan. If the Annuitant dies within the first 30 policy years, the entire Purchase Price is paid back to the nominee as Death Benefit and the policy terminates. However, if the Annuitant dies after the first 30 policy years, then the Purchase Price less the total amount of Annuity paid from the end of the 30th policy year till the date of death is paid to the nominee as Death Benefit and then the policy terminates.
Eligibility
Minimum | Maximum | |
Purchase Price (in Rs.) | 50,000 | No Limit |
Policy Term (in years) | Whole Life | |
Premium Payment Term (in years) | Single | |
Entry Age of Annuitant (in years) | 45 | 75 |
Age at Maturity (in years) | - | Till Death |
Annuity Payout (in Rs.) | 1000 | No Limit |
Payment modes | Yearly, half-yearly, quarterly & monthly |
FAQs
Being a single premium plan, there is no requirement of further payment of premium.
There are no Surrender Benefits in this plan.
Loan facility is not available with this plan.