A | Immediate Annuity for life | Single Life | Annuity will be paid to the annuitant as long as he lives and nothing would be payable thereafter and the policy would be terminated after his death. | NIL |
B | Immediate Annuity with Annuity Certain for 5 years and then for life thereafter | Single Life | Annuity will be paid to the annuitant for a minimum period of 5 years and then as long as he lives and nothing would be payable thereafter. However, if the annuitant dies before 5 years’ of annuity payment, then the remaining guaranteed annuities would be paid to the nominee and the policy would be terminated | if the annuitant dies within the first 5 years of annuity payment, then the remaining annuity certain would be paid to the nominee. However, if the annuitant dies after the first 5 years of annuity payment, nothing would be payable as Death Benefit |
C | Immediate Annuity with Annuity Certain for 10 years and then for life thereafter | Single Life | Annuity will be paid to the annuitant for a minimum period of 10 years and then as long as he lives and nothing would be payable thereafter. However, if the annuitant dies before 10 years’ of annuity payment, then the remaining guaranteed annuities would be paid to the nominee and the policy would be terminated | If the annuitant dies within the first 10 years of annuity payment, then the remaining annuity certain would be paid to the nominee. However, if the annuitant dies after the first 10 years of annuity payment, nothing would be payable as Death Benefit |
D | Immediate Annuity with Annuity Certain for 15 years and then for life thereafter | Single Life | Annuity will be paid to the annuitant for a minimum period of 15 years and then as long as he lives and nothing would be payable thereafter. However, if the annuitant dies before 15 years’ of annuity payment, then the remaining guaranteed annuities would be paid to the nominee and the policy would be terminated | If the annuitant dies within the first 15 years of annuity payment, then the remaining annuity certain would be paid to the nominee. However, if the annuitant dies after the first 15 years of annuity payment, nothing would be payable as Death Benefit |
E | Immediate Annuity with Annuity Certain for 20 years and then for life thereafter | Single Life | Annuity will be paid to the annuitant for a minimum period of 20 years and then as long as he lives and nothing would be payable thereafter. However, if the annuitant dies before 20 years’ of annuity payment, then the remaining guaranteed annuities would be paid to the nominee and the policy would be terminated | If the annuitant dies within the first 20 years of annuity payment, then the remaining annuity certain would be paid to the nominee. However, if the annuitant dies after the first 20 years of annuity payment, nothing would be payable as Death Benefit |
F | Immediate Annuity for Life with Return of Purchase Price | Single Life | Annuity will be paid to the annuitant as long as he lives | After the death of the annuitant, the entire purchase price, i.e. the premium paid towards the annuity corpus would be returned to the nominee and the policy would be terminated. |
G | Immediate Annuity for Life with an increasing rate of 3% p.a. | Single Life | Annuity will be paid to the annuitant as long as he lives at an increasing rate of 3% p.a. and the policy would be terminated after his death. | NIL |
H | Joint Life Annuity: Immediate Annuity for life for the primary annuitant with 50% payable to the secondary annuitant on death of primary annuitant | Joint Life | Annuity will be paid to the primary annuitant as long as he lives. After his death, 50% of the annuity would be paid to the secondary annuitant till as long as he lives and after the death of both the annuitants, the policy would be terminated. | After the death of the primary annuitant, 50% of the annuity would be paid to the secondary annuitant till as long as he lives and after the death of both the annuitants, the policy would be terminated and nothing would be payable to the nominee. |
I | Joint Life Annuity: Immediate Annuity for life for the primary annuitant with 100% payable to the secondary annuitant on death of primary annuitant | Joint Life | Annuity will be paid to the primary annuitant as long as he lives. After his death, 100% of the annuity would be paid to the secondary annuitant till as long as he lives and after the death of both the annuitants, the policy would be terminated. | After the death of the primary annuitant, 100% of the annuity would be paid to the secondary annuitant till as long as he lives and after the death of both the annuitants, the policy would be terminated and nothing would be payable to the nominee. |
J | Joint Life Annuity: Immediate Annuity for life for the primary annuitant with 100% payable to the secondary annuitant on death of primary annuitant and then Return of Purchase Price on death of the last survivor | Joint Life | Annuity will be paid to the primary annuitant as long as he lives. After his death, 100% of the annuity would be paid to the secondary annuitant till as long as he lives. | After the death of the primary annuitant, 100% of the annuity would be paid to the secondary annuitant till as long as he lives and after the death of both the annuitants, the entire purchase price, i.e. the premium paid towards the annuity corpus would be returned to the nominee and the policy would be terminated. |