India's 1st IRDAI Approved Insurance Web Aggregator

Birla Sun Life Insurance Immediate Income Plan

  •  views
  •  views
This plan has been withdrawn by the insurance company and is no longer available for sale.

 

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.
 
How it works – In this plan, premium needs to be paid in a lumpsum to purchase the annuity depending upon the regular income you would like to receive as annuity from this plan. The Annuity Payment is guaranteed for Life and depends on the annuity rates prevailing at the time of purchasing the policy.

Thus, in this plan, annuity is paid to the policyholder from the next instalment as opted, i.e. yearly, half yearly, quarterly or monthly and is paid as long as the annuitant is alive. Annuity is paid either through post dated cheques or direct account credit.

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.
 
 
Key Features of Birla Sun Life Immediate Income Policy
 
  • This is a Traditional Immediate Annuity Plan
  • This is a single premium plan
  • 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.
  • There are no medical requirements for this plan
COMPARE THIS PLAN WITH OTHER PENSION PLANS

 
 
Benefits you get from Birla Sun Life Immediate Income Plan
 
Death Benefit – 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.
 
Maturity Benefit – There is no maturity date. The annuity continues as long as the Annuitant is alive
 
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 80CCC.
 
 
Eligibility conditions & other restrictions in Birla Sun Life Immediate Income Plan
 

 

 
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
 
 
Additional Features and Benefits of Birla Sun Life Immediate Income Plan
 
Riders – There are no riders available in this policy
 
 
What happens if?
 
You stop paying the premium – Being a single premium plan there is no further requirement of premium payment.
 
You want to surrender the policy – There is no Surrender Facility in this plan
 
You want a loan against your policy - There is no Loan Facility in this plan




 
Compare Pension Plans

Leave a Comment

Pension Plan Calculator