Birla Sun Life Insurance Immediate Income Plan
BSLI Immediate Income Plan is an Immediate Annuity Plan from Birla Sun Life Insurance Company. It is a Traditional Plan without Bonus Facility.
Key Features
The Annuity is purchased by a Lumpsum Payment as Annuity Purchase Price
The Annuity starts from the next yearly, half yearly, quarterly or monthly installment
When the Annuitant dies, 100% of the Annuity Purchase Price is paid to the nominee.
Benefits
When the Annuitant dies, the annuity plan stops and 100% of the Annuity Purchase Price, i.e. the Lumpsum Amount paid at the time of policy inception is paid to the nominee.
There is no maturity date. The annuity continues as long as the Annuitant is alive
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80CCC.
How it works
When the Annuitant dies, 100% of the Annuity Purchase Price, i.e. the Lumpsum Amount paid at the time of policy inception is paid to the nominee and the policy is terminated.
Eligibility
|
Minimum
|
Maximum
|
Sum Assured (in Rs.)
|
No Sum Assured
|
|
Policy Term (in years)
|
Till Death
|
|
Premium Payment Term (in years)
|
Single
|
|
Entry Age of Annuitant (in years)
|
50
|
90
|
Age at Maturity (in years)
|
|
|
Annualized Annuity (in Rs.)
|
Rs 120,000 p.a.
|
No Limit
|
Annuity modes
|
Annual, Semi-Annual, Quarterly and Monthly
|
FAQs
Being a single premium plan there is no further requirement of premium payment.
There is no Surrender Facility in this plan
There is no Loan Facility in this plan