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Reliance Immediate Annuity Plan

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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.
 
 
Key Features of Reliance Immediate Annuity Policy
 
  • 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
COMPARE THIS PLAN WITH OTHER PENSION PLANS

 
 
Benefits you get from Reliance Immediate Annuity Policy
 
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.
 
 
Eligibility conditions and other restrictions in Reliance Immediate Annuity Insurance Policy
 

 

 
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
 
 
Additional Features and Benefits of Reliance Immediate Annuity Plan
 
Riders – There is no additional rider in this plan
 
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
 
 
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.

 
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