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Reliance Immediate Annuity Plan

Reliance Immediate Annuity Plan

Reliance Immediate Annuity Plan is an Immediate Annuity Plan. It is a Traditional Plan without Bonus facility.

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 Annually modes.

There are 3 options for Annuity in this plan:

  1. Annuity for Life- As long as the Annuitant is alive, annuity is payable and nothing is payable thereafter
  2. Annuity for 5/10/15/ years and thereafter for life- Annuity is payable for at least 5/10/15 years and then continues as long as the Annuitant is alive and nothing is payable thereafter
  3. Life annuity with return of Purchase price- As long as the Annuitant is alive, annuity is payable and then once the Annuitant dies, the Purchase Price is paid to nominee as Death benefit and policy terminates.

There is no surrender, maturity or death benefit available in this plan.

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Immediate Annuity Plan
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Upfront Premiums
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3 options for annuity
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Key Features

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Immediate Annuity Plan
  • It is an Immediate Annuity Plan
Upfront Premiums
  • The premium needs to be paid upfront and nothing further is payable
No requirement of medicals

There is no requirement of medicals in this plan

3 options for annuity
  • There are 3 options for annuity in this plan:
    • Annuity for Life
    • Annuity for 5/10/15/ years and thereafter for life
    • Life annuity with return of Purchase price
No surrender, maturity or death benefit
  • There is no surrender, maturity or death benefit available in this plan

Benefits

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Death Benefit

There is no Death Benefit in this plan. However, if Life Annuity with Return of Purchase Price is chosen, then after the death of the Annuitant, the Purchase Price is paid to the nominee as Death Benefit and the plan terminates.

Maturity Benefit

Being a pure annuity plan, there is no Maturity Benefit in this plan.

Income Tax Benefit
Life Insurance premiums paid up to Rs. 1,00,000 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.
 
Annuity Options
There are 3 options for Annuity in this plan:
  1. Annuity for Life
  2. Annuity for 5/10/15/ years and thereafter for life
  3. Life annuity with return of Purchase price

Eligibility

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Minimum
Maximum
Policy Term (in years)
Whole Life
Premium Payment Term (in years)
Single
Entry Age of Annuitant (in years)
20
80
Age at Maturity (in years)
-
Whole Life
Purchase Price (in Rs.)
1,00,000
No Limit
Annuity Installment (in Rs.)
1,000
No Limit
Annuity Modes
Monthly, Quarterly, Half yearly and Annually

FAQs

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angle down iconWhat happens if You want a loan against your policy?

Loan facility is not available with this plan.

angle down iconWhat happens if You want to surrender the policy?

There are no Surrender Benefits in this plan.

angle down iconWhat happens if You stop paying the premium ?

Being a single premium plan, there is no requirement of further payment of premium.