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E-Lifetime Income Plan
e-Lifetime Income Plan provides a regular assured income for the rest of the policyholders life after retirement. Thus, this policy is ideal for those policyholders who wish to supplement their limited income on retirement; it helps them maintain their standard of living and even provides tax benefit as per prevailing tax rules.
Benefits
Policyholders can choose from four annuity options, which are as follows: Lifetime Income Annuity in which the payout is received as long as the annuitant is alive. On the unfortunate demise of the annuitant, the payouts stop resulting in the termination of the policy. Lifetime with Cash-back in which payouts are received as long as the annuitant is alive. On the unfortunate death of the annuitant, the nominee receives the amount that was paid for the Single Premium and then the policy terminates. Lifetime income with Term Guarantee in which the income is received for a chosen guaranteed period of five years/ ten years/ fifteen years or twenty years. If the annuitant survives the guaranteed term, the payout will continue throughout his or her lifetime. Last survivor lifetime income in which both spouses are annuitants and on the death of one annuitant, the income will continue to be paid throughout the lifetime of the surviving annuitant. Tax benefits are available as per prevailing income tax rules.
Exclusions
This plan can be offered as a gift to family members. The allowed relationships are spouse, parents, grandparents and siblings.
Key Features
The policyholder has to make only one payment on purchase of the policy. The policy provides a regular income for the policyholder after retirement. Policyholders may choose to receive their payouts via monthly, quarterly, half-yearly or yearly modes. Policyholders have a choice of four annuity options. The policy may be gifted to family members. The policy may be bought online with minimum hassle and paperwork.
Details About Premium
Policy Details Details About Premium Policy Details Grace Period: There is no Grace Period as it is a single premium policy. Policy Termination or Surrender Benefit: The policy cannot be surrendered. Termination of the policy occurs on the death of the annuitant. Free Look Period: Policyholders have a limited free look period of thirty days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy purchase price minus the cost of the stamp duty charges, medical examination, etc.
Documents Required
The policyholder has to fill up an online `Application form with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and a medical examination.