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Exide Life Life Immediate Annuity Plan
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ING Life Immediate Annuity Plan
ING Life 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 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.
Key Features of ING Life Immediate Annuity Policy
This is an Immediate Annuity Plan without Bonus facility
There is Lifelong Annuity Option with Return of Purchase Price depending on year of death
This plan offers large volume discount on the annuity rates depending on the purchase price range
There is no requirement of medical examination in this plan
On death of the Annuitant, the Purchase Price is returned to the nominee as Death Benefit if the Annuitant dies within the first 30 policy years
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
COMPARE THIS PLAN WITH OTHER PENSION PLANS
Benefits you get from ING Life Immediate Annuity Policy
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
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
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. 1,50,000 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.
Eligibility conditions & other restrictions in ING Life Immediate Annuity Insurance Policy
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
Sample illustration of Annuity of ING Life Immediate Annuity Plan
The below illustration is for a Purchase Price of Rs 1,00,000 for a healthy male and female of ages 45, 55 and 65 years respectively
Additional Features and Benefits of ING Life Immediate Annuity Plan
Riders – There is no additional rider in this plan
Annuity Options – There are only 1 option for Annuity in this plan:
Life annuity with return of Purchase price
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What happens if?
You stop paying the premium – Being a single premium plan, there is no requirement of further payment of premium.
You want to surrender the policy – There are no Surrender Benefits in this plan.
You want a loan against your policy – Loan facility is not available with this plan.
