Saral Pension(862)

Description

Plan :Saral Pension (862)

Product Summary :
Saral Pension (862) is a NonLinked, Non Participating, Single Premium Individual Immediate Annuity Plan

Premium Payment Mode:
Single Premium

Annuity Mode:
• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity

Minimum Entry Age :
40 Year Completed

Maximum Entry Age :
• 80 Year Last Birthday

Minimum Sum Assured :
Minimum Purchase price shall depend on the Minimum Annuity as specified above, Option chosen and age of the Annuitant(s)

Maximum Sum Assured :
NO LIMIT

Annuity Option :
i) Life Annuity with Return of 100% of Purchase Price
ii) Joint Life Last Survivor Annuity with Return of 100% of Purchase Price on death of the last survivor Joint Life Annuity,
i.e. Option II, can be taken with spouse only.

Policy Benefits :
On Death :
(a) Under option (i) – On death of the Annuitant, the annuity payment shall cease immediately and 100% of Purchase Price shall be payable to Nominee(s)/legal heirs.
Under option (ii) – On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitants is alive.

On death of the last survivor: The annuity payments will cease immediately and 100% of Purchase Price shall be payable to the Nominee(s)/legal heirs.

Surrendered Value :
Saral Pension (862) is a NonLinked, Non Participating, Single Premium Individual Immediate Annuity Plan

Loan :
Loan allowed at any time after 6 months from the Date of Commencement.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Pension that is received is taxable.