With the focus being on accumulating a retirement corpus, Birla Sun Life Insurance has launched the Immediate Annuity Plan. With this policy, policyholders can choose an annuity plan - taking into consideration the frequency of the annuity payout - and can make single premium contributions towards the annuity fund. The Birla Sun Life Immediate Annuity Plan helps customers counter the ever increasing prices of medical bills as one gets older and other related expenses. Choosing the Birla Sun Life Immediate Annuity Plan is the perfect retirement backup.
To be eligible for the Birla Sun Life Immediate Annuity Plan, customers need to meet certain criteria.
|Entry Age||Minimum: 30 years Maximum: 90 years|
|Premium Frequency||Monthly, Quarterly, Half-yearly, Annually|
Sum Assured: The sum insured depends on the annuity plan chosen by the policyholder. At maturity, policyholders are liable to a fixed income of Rs.1,000, Rs.3,000, Rs.6,000 or Rs.12,000.
Premium: Policyholders can pay their premiums either monthly, quarterly, half-yearly or annually. There is no minimum or maximum premium amount. Policyholders can choose to make contributions for either 5 years, 10 years, 15 years or 20 years.
Subscribers to the Birla Sun Life Immediate Annuity Plan have 6 annuity options to receive a fixed income during their retirement.
|Annuity payment options||When initiating the policy, policyholder can choose how they would wish to receive their annuity. The options are listed below:
If the policyholder commits suicide within a year of the commencement of the annuity plan, the nominee will receive the purchase price till that point. No other benefits are applicable in the case of suicide.
The key features of the Birla Sun Life Immediate Annuity Plan are listed below:
|Annuity rates||The annuity rate differs from time to time. If the policyholder buys annuity at a particular rate, the payout is fixed and guaranteed.|
|Nominations||As per Section 39 of the Insurance Act, 1938, policyholders can make nominations. Upon the death of the policyholder, the nominee is liable to all the benefits of the annuity plan.|
|Free-look period||Policyholders are granted a 15 day free-look period from the commencement of the policy. If he/she disagrees with the terms and conditions of the policy, they can return the policy within the free-look period and receive a refund for the premium paid.|
Policyholder enrolled with the Birla Sun Life Immediate Annuity Plan are liable to tax benefits under the Income Tax Act of 1961. They can avail benefits under:
The Birla Sun Life Immediate Annuity Plan has a number of benefits, some of which are mentioned below:
Founded in 2000 and headquartered in Mumbai, Birla Sun Life Insurance was formed following a joint venture between India’s Aditya Birla Group and Canadian financial services company Sun Life Financial Inc. Currently, the insurer is ranked the third best insurer in the country and has over a lakh employees working at more than 500 branches across 500 plus cities. The company offers a long list of insurance products ranging from child future products, retirement solutions and savings and welfare products. In 2012, Birla Sun Life Insurance received the Best Employer Brand Award by Asian Confederation of Businesses and an award for the best Chartered Accountants of India (ICAI). It also received the Best Life Insurer (Runner Up) trophy by Outlook Money Awards in 2004, Media Abby Awards at the GoaFest Advertising Agencies Association of India and Advertising Club Bombay in 2011, and the Grand Midas at the Midas Awards in 2013.