Key Features (Point 1):
- Single Premium payment.
- Deferred Annuity: Payouts start after a chosen period (1-12 years).
- Two Annuity Options: Single Life and Joint Life.
- Flexible Annuity Modes: Yearly, Half-yearly, Quarterly, Monthly.
- Death Benefit Options: Lump Sum, Installments, or Annuitisation (buying another annuity).
Annuity Options (Point 2):
- Option 1: Deferred Annuity for Single Life.
- Option 2: Deferred Annuity for Joint Life (payable as long as either annuitant is alive).
- Option chosen at the start cannot be changed later.
Benefits (Point 3):
- During Deferment: Nothing paid on survival. Death benefit paid to nominee on death.
- After Deferment: Annuity paid as per chosen mode as long as the annuitant(s) are alive. On death, annuity stops, and death benefit is paid.
Death Benefit (Point 3 cont.):
- Calculated as: Higher of [105% of Purchase Price] OR [Purchase Price + Accrued Additional Benefit on Death - Total Annuity Paid].
- Accrued Benefit: Calculated monthly during deferment only, based on Purchase Price and monthly annuity rate.
Eligibility (Point 4):
- Min. Purchase Price: ₹1,50,000 (Subject to min. annuity payout). Special case for Divyangjan: ₹50,000. No Max Limit.
- Min. Entry Age: 30 years (last birthday).
- Max. Entry Age: 79 years (last birthday).
- Min. Vesting Age (Age at Annuity Start): 31 years.
- Max. Vesting Age: 80 years.
- Min. Deferment: 1 year. Max. Deferment: 12 years (subject to max vesting age).
- Min. Annuity Payouts: ₹1000/month, ₹3000/quarter, ₹6000/half-year, ₹12000/year.
- Joint Life: Can be between any two lineal descendant/ascendant (e.g., Parent-Child) or spouse/siblings.
Annuity Payment Mode (Point 5):
Payable in arrears (i.e., at the end of the period) - Yearly, Half-Yearly, Quarterly, or Monthly.
Incentives (Point 6):
- Higher annuity rates for higher purchase prices (slabs: 5L+, 10L+, 25L+).
- Incentive (0.15% rate increase) for existing LIC policyholders/nominees (conditions apply, offline purchase).
- Incentive for Direct Online Sale: 2% rate increase (<10L purchase), 2.5% rate increase (>=10L purchase). Applies to new customers and existing policyholders buying online.
Annuity Rate Reduction for Frequency (Point 7):
Compared to Yearly mode, rates are reduced by: 2% for Half-Yearly, 3% for Quarterly, 4% for Monthly.
Death Benefit Payout Options (Point 9):
Nominee can choose (at proposal stage, modifiable by annuitant): Lump Sum, Annuitisation (buy immediate annuity), or Installments (5, 10, or 15 years).
Option for Divyangjan (Dependant with Disability) (Point 9.ii):
Can buy the plan (Option 1) for the benefit of a Divyangjan nominee with min. purchase price of ₹50,000. Death benefit must be used to buy an immediate annuity for the Divyangjan.
QROPS (UK Pension Transfer) (Point 10):
Can be purchased using funds transferred from a UK pension scheme (conditions apply, min vesting age 55).
Surrender Value (Point 11):
Policy can be surrendered anytime. Value is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV Factor depends on policy year (75% for years 1-3, 90% for year 4+).
Loan Facility (Point 12):
Available after 3 months or free-look expiry (whichever is later). Loan amount capped (e.g., max 80% of Surrender Value, interest payable <= 50% of annual annuity). Interest rate linked to G-Sec rates (9.50% p.a. for May'24-Apr'25).
Taxes (Point 13):
GST applicable on premium. Annuity received may be taxable. Consult a tax advisor.
Free Look Period (Point 14):
30 days from policy receipt to review terms. Can return policy if not satisfied (premium returned after deductions).
Exclusions (Point 15):
Suicide within 12 months: Higher of 80% premium paid or Surrender Value is payable.
Grievance Redressal (Point 16):
Contact LIC Branch/Divisional/Zonal/Central Office or use online portal (licindia.in). Can approach IRDAI or Insurance Ombudsman if needed.
Section 45 (Point 17):
Policy cannot be questioned after 3 years on any grounds, except fraud.
Prohibition of Rebates (Section 41) (Point 18):
Offering or accepting rebates on premium/commission is prohibited.
