Benefits-next-innings-pension-plan

On survival until the end of the policy term, when the policy matures, the policyholder receives the Maturity Benefit, which is 210% of the premiums paid. The Maturity Benefit is compulsorily used in one of the two ways, which are: The policyholder can purchase Immediate Annuity, which is guaranteed for life for the Life Insured as long as he or she survives. The policyholder can purchase a single premium deferred pension product. On the death of the policyholder, the nominee receives the guaranteed Death Benefit. The Death Benefit is the higher of the total of all premiums paid plus 6% annual compound interest or 105% of all premiums paid. The nominee can use the Death Benefit to purchase an annuity from the Company or to withdraw the entire amount. Tax benefits are available as per sections 80 (C) and 10 (10D) of the Income Tax Act.