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LIC has tweeted about this annuity plan from its official Twitter handle. The press release from LIC said that this plan is a Standard Immediate Annuity plan as per the guidelines of Insurance Regulatory and Development Authority of India (IRDAI) that offers same terms and conditions across all the life insurers.
— LIC India Forever (@LICIndiaForever) July 1, 2021
The policy holder can choose the type of annuity from two available options on the payment of a lump sum amount. The two options are as follows:
Option 1 : Life Annuity with return of 100 per cent of purchase rate
Option 2: Joint last survivor annuity with return of 100 per cent of purchase on death of the last survivor
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of annuitant(s).
Interested persons must note that the plan can be purchased offline as well as online directly through the LIC website at licindia.in.
The interested persons must note that the minimum annuity Rs 12000 per annum. The minimum purchase price will depend on the annuity mode, option chosen and the age of the annuitant. It must be noted that there will be no ceiling on maximum purchase price.
The modes of annuity available are yearly, half yearly, quarterly and monthly. An incentive for purchase price above Rs 5,00,000 is available by way of increase in the annuity rate. The plan is available for ages from 40 years to 80 years.
The loan will be available at any time after six months from the date of commencement of the policy.