This is a with profit personal pension plan suitable for everyone who wants to provide regular financial security for their family.
- On vesting the Notional Cash Option together with Reversionary Bonuses and Final additional Bonuses ( if any ) with or without 25% commutation will be compulsorily converted into annuity having following options.
- Annuity for life.
- Annuity for life with guaranteed period of 5, 10, 15, 20 years.
- Joint life and last survivor annuity to the annuitant and his/her spouse under which annuity payable to the spouse on death of the purchaser will be 50% of that payable to the annuitant.
- Life annuity with return of purchase price.
- Life annuity with annuities increasing at a simple rate of 3% per annum.
- The annuity rates will be that available under the version of the New Jeevan Akshaya Plan current at the date of vesting. A rebate of 3% will be available on the purchase price of the New Jeevan Akshaya Policy. Option for the annuity type is to be exercised at least 6 months before the date of vesting.
Benefits
During Deferment
A term rider option will be available. On the death of the policyholder who has opted for the term Assurance rider ( provided the policy is in-force), the Term Assurance Sum Assured along with all premiums ( excluding term Assurance premium and extra premium if any ) paid up to the date of death accumulated at the rate of 5% p.a. compounding or at such rates as decided by the Corporation from time to time will be paid to the nominee. When the policy is not in-force, only return of premiums with interest as stated above will be available.
For those not opting for the Term Assurance Rider, in respect of policies which are in-force or in a paid up condition, all premium accumulated at 5% p.a. compounding or at such rates as decided by the Corporation from time to time, will be paid to the nominee. Term Rider Option will be available only on the Annual Premium Plan.
Paid up, Guaranteed and Special Surrender Value: For Annual Premium Plans: The Guaranteed Surrender Value will be equal to 90% of all premiums paid excluding the first year premium, all Term Assurance premium and extra premium ( if any). This will be allowed after at least two full years' premiums have been paid and will be available after two full years have been completed from the date of commencement. However, the policy can not be surrendered after the annuity vests.
For Single Premium Plan: The Guaranteed Surrender Value will be 90% of the single premium paid. Surrender will be allowed 2 years after the commencement of the policy.
Special Surrender Value: For Annual premium policy this will be available at least two years after date of commencement and during deferment period if at least two full years' premium have been paid.
Note: For Single premium policies, this will be available one year after the date of commencement and during the deferment period. The special surrender value will be quoted separately. Surrender value will not be available for the Term Rider Benefit.
Policy Parameters
| |
Min |
Max |
| Entry Age |
18(l.b.d) |
70(l.b.d) |
| Vesting Age |
50(l.b.d) |
79(l.b.d) |
| Notional Cash Option |
Rs.50000
(for regular premium policies) |
- |
| Annual Premium |
Rs.2500 |
- |
| Single Premium |
Rs.10000 |
- |
| Deferment period |
2 |
35 |
| Mode of Payment |
Max Maturity Age |
| Yearly, Half Yearly, Quarterly, Monthly |
- |
Suitable For
This plan is most suitable for employees, businessmen and retired persons.
