The plan offers the flexibility to enhance the purchase price at inception for a higher annuity installment.The annuity amount payable is guaranteed for the tenure of the policy.The plan offers the advantage to choose from 7 different annuity options as per one’s requirement.Here are some of the salient features of the policy. This is a traditional insurance plan, which is specifically designed to provide guaranteed regular income after retirement. Tax benefits can be availed U/S 80C of the Income Tax Act.No medical test is required to purchase the plan.The policyholder can choose the annuity pay-out modes as monthly, quarterly, half-yearly, and yearly from the date of policy initiation.The plan offers guaranteed income for entire life.The plan offers the benefit to choose from 6 different pay-out options to receive an annuity.Features of Aditya Birla Sunlife Immediate Annuity Plan Let’s take a look at the features of the policy. This is a single premium payment policy, which helps an individual to keep aside his/her savings and provides a regular income in the retirement years so that one can enjoy relaxed and happy second innings. Aditya Birla Sunlife Immediate Annuity Plan.Immediate life annuity with return of purchase price- Rs.2,06,155ĭeferred life annuity with return of purchase price-Rs.1,08,303ĭisclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer. TATA AIA Life Insurance Smart Annuity Plan Star Union Dai-Ichi Life Immediate Annuity Plan Reliance Nippon Life Immediate Annuity Plan Yearly, half-yearly, quarterly, and monthly IDBI Federal Guaranteed Lifetime Income Plan Immediate Life Annuity with Return of Purchase Price- Rs.1,60,261ĭeferred Life Annuity with Return of Purchase Price- Rs.76,046 regular income of Rs.1,000, Rs.3,000, Rs.6,000, or Rs.12,000 for annual, half-yearly, quarterly, and monthly. Yearly, Half-yearly, quarterly and monthly In the table below, are types of annuities based on the features and meeting the requirements by the certain annuitants:īelow is the list of best annuity plans to invest in 2021-22.Īditya Birla Sunlife Immediate Annuity Plan Even after the demise of the insured, it is the nominee who will likely receive the fixed payout. Moreover, the plan duration is too fixed. Within the fixed annuity plans the amount of payout is fixed for the complete period of the annuity plan. It is to be noted that when the returns are good the payouts will most likely be on the higher side and vice versa Besides, the plan market-linked and is more risk-prone. It happens as it completely is based on the market performance of the insurance company. When the payout varies depending on the type of investment or market performance, it is a variable annuity.Īs the name suggests, within the variable annuity plans the payout is unfixed and it may accordingly vary from company to company. If the individual survives the tenure, they receive the payout for the rest of their life. Even if the policyholder dies, payments are made to the nominee for the remaining years. In a guaranteed period annuity, the period for, which the payment will be made, is decided. When the payout made to the customer is a fixed sum for a certain number of years, it is called a fixed annuity or annuity certain. You can convert deferred annuities into an immediate annuity if you want immediate payments.ĭepending on the investment type, immediate annuities are further classified as fixed and variable. So, deferred annuity accumulates money while immediate annuity pays money. If you are approaching retirement age, then this is the type of annuity to opt for. In an immediate annuity, you start receiving payments as soon as the initial investment is made. It may also come with a “ life cover”, which implies that in case of the demise of the insured, the nominee is paid a lump sum amount. It can be chosen by individuals who are working and still have some years of work before retirement. Under this, the money is invested for some period before payments are made. Listed below are the following types of annuity plans in India 2021: What are the Different Types of Annuity Plans?
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