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BSLI Immediate Annuity Plan

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.

Eligibility -Who is the Birla Sun Life Immediate Annuity Plan for?

To be eligible for the Birla Sun Life Immediate Annuity Plan, customers need to meet certain criteria.

Parameters Details
Entry Age Minimum: 30 years Maximum: 90 years
Premium Frequency Monthly, Quarterly, Half-yearly, Annually

Sum Assured and Premium Range - What you get and what it costs

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.

Plan coverage - What the Birla Sun Life Immediate Annuity Plan covers

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:
  • For the first option, the annuity will be paid uniformly till the point of death of the policyholder.
  • With the second option, policyholders can choose to receive uniform annuity till the death of the policyholder along with a return of the purchase in case of untimely death of the policyholder.
  • For the third option, the policyholder has the choice of investing for either 5 years, 10 years, 15 years or 20 years. If the policyholder dies during the term, the nominee will receive the annuity.
  • Option 4 has the benefit of an annual 3% increase in the annuity fund. Following the untimely death of the policyholder, the plan will cease.
  • In option 5, in the case of a joint life annuity plan, the second party will continue to receive the annuity payouts even after the death of the primary annuitant. If the second party dies as well, the plan will cease.
  • For the last option, the second annuitant will receive the annuity at regular intervals as well as the purchase price in case of untimely death of the policyholder.

Exclusions - What the Birla Sun Life Immediate Annuity Plan doesn’t cover

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.

Other Key Features – Free-look Period, Surrender Values, Grace Period etc.

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.

Tax benefits – How you can save with the Birla Sun Life Immediate Annuity Plan

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:

  • Section 80C of the Income Tax Act, 1961, for contributions (premium) made towards the scheme.
  • Section 10 (10D) of the Income Tax Act, 1961, for proceeds from annuity and death benefits.

Other benefits – How you can save with the Birla Sun Life Immediate Annuity Plan

The Birla Sun Life Immediate Annuity Plan has a number of benefits, some of which are mentioned below:

  • Policyholders can choose the premium or contribution towards the annuity plan.
  • They can also choose the payout modes - annually, half-yearly, quarterly, monthly.
  • Policyholders do not have to undergo medical tests to purchase this policy.
  • On the Birla Sun Life Insurance website, customers can avail insurance products of their choice, make claims, take advice, and check the performance of their investments.
  • Customers can also pay online using their credit cards, debit cards, e-wallets, etc. They can also make premium calculations.
  • Before availing an insurance product, customers can see if the product actually suits their needs and can make an estimation before buying the product.

Why you should buy the Birla Sun Life Immediate Annuity Plan from Birla Sun Life Insurance?

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.