Plan 249

Immediate Future Secure Pension Plan

Non-linked, Single Premium, Immediate Annuity pension plan where pension starts immediately. One-time payment to be made only at the inception date. Enjoy a second consistent income that will provide for your future. You may also opt for an option to provide for your spouse too at an early age of 40 up to the age of 75 years.

The Annuitant has the following annuity options to choose from at the inception of the contract:

Life Annuity
Life Annuity with Return of Purchase Price on unfortunate death of policyholder
Life Annuity with 50% or 100% of the annuity payable to the spouse after unfortunate death of the policyholder till the spouse is alive
Life Annuity with 100% of the annuity payable to the spouse after the unfortunate death of the policyholder till the spouse is alive with Return of Purchase Price
Annuity Payment Guaranteed for 5/10/15/20 years and for life thereafter

BENEFITS

1. ANNUITY BENEFITS (Amount Payable on Survival)

Annuity Options

Types of Annuity

Annuity Benefits

Option A

Annuity for life

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. The annuity payments will cease on the death of the Annuitant.

Option B5

Annuity guaranteed for 5 years and for life thereafter

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 5 years, whichever is later.

Option B10

Annuity guaranteed for 10 years and for life thereafter

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 10 years, whichever is later.

Option B15

Annuity guaranteed for 15 years and for life thereafter

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 15 years, whichever is later.

Option B20

Annuity guaranteed for 20 years and for life thereafter

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive or until the end of the Guaranteed Period of 20 years, whichever is later.

Options B5, B10, B15 and B20

Under these Annuity Options, on death of Annuitant during the Guaranteed Period, the annuity shall become payable to the Nominee till the expiry of Guaranteed Period.

Option C

Annuity with Return of Purchase Price

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. The annuity payments will cease on the death of the Annuitant and the Purchase Price will be payable to the Nominee.

Option D

Annuity for life with a provision for 100% of the annuity to the Spouse on death of the Annuitant.

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease on the subsequent death of the Spouse. If the Spouse predeceases the Annuitant, the annuity payments shall continue till the death of the Annuitant.

Option E

Annuity for life with a provision for 50% of the annuity to the Spouse on death of the Annuitant.

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, 50% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease on the subsequent death of the Spouse. If the Spouse predeceases the Annuitant, the annuity payments shall continue till the death of the Annuitant.

Option F

Annuity for life with a provision for 100% of the annuity to the Spouse on death of the Annuitant with Return of Purchase Price

Under this option, the annuity payments will be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease on the subsequent death of the Spouse and the Purchase Price will be payable to the Nominee. If the Spouse predeceases the Annuitant, the annuity payments shall continue till the death of the Annuitant and the Purchase Price will be payable to the Nominee.

2. BENEFICIARY BENEFITS (Amount Payable on Death)

Annuity Options

Types of Annuity

Annuity Benefits

Option A

Annuity for life

On the unfortunate death of the Annuitant, nothing shall be payable to the Beneficiary. The annuity payments will cease immediately and the policy will terminate.

Option B5

Annuity guaranteed for 5 years and for life thereafter

If the unfortunate death of the Annuitant occurs during the Guaranteed Period of 5 years, then the annuity shall become payable to the Beneficiary till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the unfortunate death of the Annuitant after the Guaranteed Period of 5 years, the annuity payments will cease immediately and the policy will terminate.

Option B10

Annuity guaranteed for 10 years and for life thereafter

If the unfortunate death of the Annuitant occurs during the Guaranteed Period of 10 years, then the annuity shall become payable to the Beneficiary till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the unfortunate death of the Annuitant after the Guaranteed Period of 10 years, the annuity payments will cease immediately and the policy will terminate.

Option B15

Annuity guaranteed for 15 years and for life thereafter

If the unfortunate death of the Annuitant occurs during the Guaranteed Period of 15 years, then the annuity shall become payable to the Beneficiary till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the unfortunate death of the Annuitant after the Guaranteed Period of 15 years, the annuity payments will cease immediately and the policy will terminate.

Option B20

Annuity guaranteed for 20 years and for life thereafter

If the unfortunate death of the Annuitant occurs during the Guaranteed Period of 20 years, then the annuity shall become payable to the Beneficiary till the expiry of Guaranteed Period. Upon the expiry of this Guaranteed Period, the annuity payments will cease immediately and the policy will terminate. On the unfortunate death of the Annuitant after the Guaranteed Period of 20 years, the annuity payments will cease immediately and the policy will terminate.

Option C

Annuity with Return of Purchase Price

On the unfortunate death of the Annuitant, the annuity payments will cease immediately. Purchase Price will be payable to the Beneficiary and the policy will terminate.

Option D

Annuity for life with a provision for 100% of the annuity to the Spouse on death of the Annuitant.

On the unfortunate death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease immediately on the subsequent death of the Spouse and the policy will terminate. If the Spouse predeceases the Annuitant, the annuity payments shall continue and cease immediately upon the death of the Annuitant. The policy will terminate thereafter.

Option E

Annuity for life with a provision for 50% of the annuity to the Spouse on death of the Annuitant.

On the unfortunate death of the Annuitant, 50% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease immediately on the subsequent death of the spouse and the policy will terminate. If the spouse predeceases the Annuitant, the annuity payments shall continue and cease immediately upon the death of the Annuitant. The policy will terminate thereafter.

Option F

Annuity for life with a provision for 100% of the annuity to the Spouse on death of the Annuitant with Return of Purchase Price

On the unfortunate death of the Annuitant, 100% of the annuity amount will be payable to the surviving named spouse as long as the spouse is alive. The annuity payments will cease immediately on the subsequent death of the Spouse. The Purchase Price will be payable to the Beneficiary and the policy will terminate. If the Spouse predeceases the Annuitant, the annuity payments shall continue and cease immediately upon the death of the Annuitant. The Purchase Price will be payable to the Beneficiary and the policy will terminate.

3. RETURN OF PURCHASE PRICE

Return of Purchase Price is there only under Option C and Option F. Under all other options there is no Return of Purchase Price.

4. MATURITY BENEFIT

There is no maturity benefit available under this plan.

5. SURRENDER BENEFIT

Surrender Benefit shall only be available under annuity with Return of Purchase Price option i.e. under Option C and Option F and under extreme circumstances such as critical illness of the annuitant, loss of job before superannuation of the annuitant, for marriage of children etc.

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

Attribute

Minimum limit

Maximum limit

Purchase Price

USD 15,000

No Limit but Subject to Underwriting

Entry Age

40 years (Completed)

75 years (Nearer Birthday)

Maturity Age

Maturity Benefit Not Applicable Under This Plan

Term

Single Premium

Mode of Premium Payment

Yearly, Half Yearly, Quarterly, and Monthly

SERVICING ASPECTS

Mode of Premium Payment

A Single Premium is payable at the start of the term.

Surrender Value

Surrender Value shall not be available under all options except under Return of Purchase Price options i.e. Option C and Option F.

For Return of Purchase Price options, the surrender value shall be available only after the completion of 2 full policy years. The Guaranteed Surrender Value shall be 90% of Purchase Price. The Special Surrender Value (SSV) shall be 92% of Purchase Price from the 5^th policy year to 10^th policy year and 95% of Purchase Price thereafter, the SSV may change in the future at the discretion of the Company.

Policy Loan

Not available under this plan.

Paid Up Value

Not available under this plan.

Grace Period

Not available under this plan.

Underwriting Requirements

All aspects of underwriting will be as per the underwriting policy of the company.