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:
- Annuity for Life- As long as the Annuitant is alive, annuity is payable and nothing is payable thereafter
- 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
- 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.
Key Features
- It is an Immediate Annuity Plan
- The premium needs to be paid upfront and nothing further is payable
There is no requirement of medicals in this plan
- 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
- There is no surrender, maturity or death benefit available in this plan
Benefits
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.
Being a pure annuity plan, there is no Maturity Benefit in this plan.
- Annuity for Life
- Annuity for 5/10/15/ years and thereafter for life
- Life annuity with return of Purchase price
Eligibility
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Minimum
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Maximum
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Policy Term (in years)
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Whole Life
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Premium Payment Term (in years)
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Single
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Entry Age of Annuitant (in years)
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20
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80
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Age at Maturity (in years)
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-
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Whole Life
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Purchase Price (in Rs.)
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1,00,000
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No Limit
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Annuity Installment (in Rs.)
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1,000
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No Limit
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Annuity Modes
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Monthly, Quarterly, Half yearly and Annually
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FAQs
Loan facility is not available with this plan.
There are no Surrender Benefits in this plan.
Being a single premium plan, there is no requirement of further payment of premium.