What is SUD Life Immediate Annuity Plus Plan?

Life Annuity: Annuity instalments will be payable till the date the Annuitant is alive. 

Life Annuity with Return of Purchase Price: Provides lifetime annuity, and upon the annuitant’s death, the purchase price (excluding taxes) paid to the nominee.

Increasing Life Annuity with Return of Purchase Price: Annuity instalments as on Date of Commencement of Policy will increase every policy year at simple rate of 5% p.a. and shall be payable till date the Annuitant is alive. On death of the Annuitant, annuity will cease and purchase price^ is be paid to the Nominee

Joint Life Annuity (50%):Pays a lifetime annuity at uniform rates to the primary annuitant, and upon the death of the primary annuitant, 50% of the original annuity will become payable to the secondary annuitant (spouse) till the date the secondary annuitant is alive.

Joint Life Annuity (100%): Pays a lifetime annuity at uniform rates to the primary annuitant, and upon the death of the primary annuitant, the same annuity amount will become payable to the secondary annuitant (spouse) till the date the secondary annuitant is alive.

Joint Life Annuity (100%) with Return of Purchase Price: Pays a lifetime annuity at uniform rates to the primary annuitant, and upon the death of the of the primary annuitant, the same annuity will continue to the secondary annuitant (spouse) till the date the secondary annuitant is alive. Upon the death of the last survivor, annuity will cease, and purchase price will be paid to the Nominee.

Annuity certain for 10 years: The Annuity will become payable at a uniform rate for the guaranteed period of first 10 Policy Years from the Date of Commencement of Policy.  If the Annuitant has survived till the expiry of first 10 Policy Years, then, the Annuity shall be payable till the date the Annuitant is alive. 

Annuity certain for 15 years: The Annuity will become payable at a uniform rate for the guaranteed period of first 15 Policy Years from the Date of Commencement of Policy.  If the Annuitant has survived till the expiry of first 15 Policy Years, then, the Annuity shall be payable till the date the Annuitant is alive. 

Annuity certain for 20 years: The Annuity will become payable at a uniform rate for the guaranteed period of first 20 Policy Years from the Date of Commencement of Policy.  If the Annuitant has survived till the expiry of first 20 Policy Years, then, the Annuity shall be payable till the date the Annuitant is alive.

The death benefit will be provided based on the annuity option selected. If Secondary Annuitant dies before the Primary annuitant, the annuity payout will continue to be paid till Primary Annuitant is alive and the policy terminates immediately after the death of the Primary Annuitant.

Surrender benefit - The policy can be surrendered any time on happening of the specified events as mentioned for each plan options.

In case of Annuity Option 2 or 3 if the Annuitant diagnosed with any one of the specified Critical Illnesses and in case of Annuity Option 6 if both the annuitants or the last surviving Annuitant is diagnosed with any one of the specified Critical Illnesses then policy can be surrendered.

Plan Option A is available for individuals who purchase Immediate Annuity either from their savings or from policy proceeds of deferred pension plan/National Pension Scheme.  You can choose from any of the 9 annuity options. The annuity instalments will be paid based on the annuity option you choose, as long as the annuitant(s) are alive or until the end of the specified period (for options 7, 8, and 9), whichever comes later. 

This option is available only for individuals who purchase this plan from the proceeds of Reverse Mortgage loan offered by any approved financial institution. 

Additionally, the policy purchased through RML under option 2 and 6 can be surrendered at any time after the policy starts, once the Reverse Mortgage Loan is fully paid off. If the policy term has completed at least 11 years, 100% purchase price is returned, otherwise 95% of the purchase price is returned.

This plan offers annuity benefits to NPS subscribers based on regulations by the Pension Fund Regulatory and Development Authority (PFRDA). The default annuity option 6 is selected here. If the annuitant does not have a spouse, Annuity option 2 is chosen. In case of the subscriber’s death before annuity commencement, the annuity will be paid to the spouse as per annuity option 2

On death of the annuitant (s), the annuity payment would cease, and refund of the purchase price shall be utilized to purchase an annuity contract afresh in the following order: (a) living dependent mother of the subscriber (if any); (b) Living dependent father of the deceased subscriber. The annuity would continue until all such family members in the specific order are covered. After the coverage of all such family members, the purchase price shall be returned to the surviving children of the subscriber and in the absence of the children, the legal heirs of the subscriber, as applicable. In case no such family member exists upon the death of the last survivor, there would be a refund of the Purchase Price to the nominee

Plan Option C is available only for NPS subscribers who select the default option; however, if they choose to opt out, they can select from the 9 annuity options under Plan Option A.