1. Immediate Life Annuity

On death of annuitant, Annuity Payout will cease and no further benefit will be payable. On payment of death benefit, the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

2. Immediate Life Annuity with Return of Purchase Price

On death of annuitant, Annuity Payout will cease and Death Benefit will be payable immediately. Death Benefit is same as Sum Assured on Death (Death Sum Assured). Death Sum Assured will be equal to 100% of Purchase Price(excluding the Goods and Services Tax and cess as applicable) paid at inception. On payment of Death Benefit the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.

3. Deferred Life Annuity with Return of Purchase Price

During the deferment period, on death of the annuitant, the nominee has the option:

a) To utilize the entire proceeds of the policy or part thereof for purchasing an immediate annuity or deferred annuity from the same insurer at the then prevailing rate subject to product eligibility criterion. However, the nominee shall be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.

•Withdraw the entire proceeds of the policy.

b) In case the proceeds of the policy are not sufficient to purchase minimum annuity as stipulated by IRDAI from time to time, the proceeds of the policy may be paid as lump sum. Post deferment period, on death of annuitant, Annuity Payout shall cease and Death Benefit shall be payable immediately to the nominee. Death Benefit is same as Sum Assured on Death(Death Sum Assured). Death Sum Assured will be higher of:

• Purchase Price + Accrued Guaranteed Additions - Annuity Payouts paid till date of death

• 110 % of Purchase Price Where,
Guaranteed Additions = (Purchase Price x Annuity Rate)/12
Guaranteed Additions will accrue at the end of every policy month during the deferment period. Guaranteed Additions will stop accruing at the end of the deferment period. Deferment period is fixed at 5 years. Purchase Price for this purpose will be Purchase Price excluding Goods and Services Tax and cess as applicable, paid at inception. Annuity Rate provided shall be based on Annuity Option, Age at Entry, Gender, Annuity Payout Frequency and Purchase Price.On payment of Death Benefit the policy will terminate and all rights, benefits and interests under the policy will stand extinguished.