Types of Annuity Investment Plans

It is important to note that the annuity amount is dependent upon the amount of annuity purchased and the duration of the annuity that you have opted for. It will be paid monthly/quarterly/half yearly/ annually

There are 5 types of annuity investment plans to choose from

• Annuity for life: annuity or pension payable to you at a consistent rate. On death of the Annuitant, policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant: annuity or pension payable to the subscriber and then to their spouse after their demise. On death of the last survivor, the annuity payments will cease and no further amount will be payable.
• Annuity for life with return of purchase price on death: This option pays annuity for life. On death of the Annuitant, the Purchase Price is paid out to the nominee and thereafter the policy shall terminate and no further benefits would be payable.
• Annuity payable for Life with 100% annuity payable to spouse on death of annuitant with RoP of annuity : The annuity payable as long as at least one of the two annuitants is alive. On the death of the primary annuitant, secondary annuitant will receive 100% of original annuity throughout life. On death of the last survivor, 100% of the purchase price is returned to the nominee.
• NPS Family Income: Annuity payments would be made to the annuitant and his/ her spouse throughout their lifetime. On death of annuitant and spouse, the annuity would be paid to the subscriber's mother and after her, to the father. On death of the last survivor, the purchase price would be refunded to the annuitant's child/ nominee.

Once the entire procedure of the withdrawal request is executed and processed, the ASP will start issuing the periodical annuity.