(UIN No: 133N009V01)

Key Features :

Retirement is arguably the most important aspect of one’s financial planning. It is said that ‘to fail to plan is to plan to fail’. However, it is never too late to put a retirement plan to work.

Investing in a pension plan is a vital part of saving for your future. And the sooner you start, more likely you are to enjoy the lifestyle you want after your retirement.

• Future Pension Plan offers you an excellent way to create regular stream of income after retirement. We make it possible for you by adding bonus regularly to your pension fund account.
• We also give a guaranteed addition of 5% to your accumulated pension fund after 15 years (even if the premiums are paid for only 5 years), thus helping you build a sizeable corpus at your retirement.
• 100% of your contribution will be credited to Personal Pension Fund Account (PPFA).
• The PPFA will be available on vesting of a policy.
• Guaranteed Surrender Value
• Compounded Bonus applying on your fund

Benefits :

Participation in profits : Your policy will participate in the profits arising out of the Company’s ‘with profits’ life insurance business. Compound reversionary bonus will be credited to the policy and will apply when declared, on the PPFA. Once declared, it will form a part of the guaranteed benefits of the plan and will be available on death, maturity or surrender. Future bonuses are however not guaranteed and will vary based on the company’s experience with respect to investment returns, mortality, expenses and withdrawals.

Bonus will apply on a policy on a pro-rata basis from the due date of premium payment (or date of payment of additional contribution) to the date of valuation or exit.

Death benefits during the accumulation phase

• Surrender value will be paid *
  * Note : On death of the policyholder before vesting date, the beneficiary has an option to purchase annuity from the death benefit.
• In case, Term Rider is also opted, Sum Assured along with the surrender value is payable to the beneficiary

Retirement benefit at vesting age

• The PPFA will be available to you on the date of vesting of the policy. This amount can be used to purchase an annuity from us or through an open market option whereby you can chose to buy an annuity from a company of your choice. However, up to 1/3rd of the PPFA can be commuted for cash and taken as a tax free retirement lump sum (as per the existing tax laws) and annuity purchased with the balance amount.

Annuity options (UIN: 133N006V01)

The vesting amount received can be used to purchase one of the annuity plans listed below:

• Annuity payable for Life
• Annuity payable for life and return of purchase price on the death of the annuitant

Tax Benefits : As per prevailing Income Tax laws.

 

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