Reliance Immediate Annuity Plan

Most of the individuals don’t want to compromise their life after retirement so they make an investment for their future. So, if you want to live a happy future and receive income even after retirement then you can have a look at the Reliance Immediate Annuity Plan. In this plan, you will have to invest a lump sum amount to purchase the annuity and from the next month, you will start receiving a regular income. The payout term starts immediately once you purchase the annuity. There are 3 different options in this plan to receive the payout. Let’s explore all the payout options and the key features of this plan.

Key Features of Reliance Immediate Annuity Policy

1. Flexibility of choosing the lump sum amount to purchase the annuity.
2. There are 3 different payout options available in this plan.
3. Flexibility of choosing the payout frequency mode.
4. There is no need for a medical test to buy this plan.
5. The rates of an annuity change from time to time and you will have to choose it at the time of purchasing the plan.
6. Enjoy Tax Benefits as per the prevailing Income Tax Law in this plan.

Payout Options of the Immediate Annuity Plan

There are three options available in this plan to receive the payout. You are free to choose any option among the three as per your convenience.

Option 1

This is the Annuity for Life option in which the company will give you a regular income for life. The annuitant will receive income throughout his life.

Option 2

In this option, you will receive the annuity for a specified period of time that will be chosen at the time of inception of the policy. The payout term will be of 5 years, 10 years, and 15 years. After the expiry of the payout term, the annuitant will receive the income for life.

Option 3

This is the Life Annuity option in which the company will return the purchase price. The annuitant will receive the income for life and after the death of the annuitant, the purchase price will be returned to the nominee.

Other Details of This Plan

Now, you must see some other details of this plan so that you can understand this plan better. Your income will start from the next month if you take the Reliance Immediate Annuity Plan.

Premium Mode

This plan will only accept a single premium as a lump sum. There is no option for paying the premium on a monthly basis, yearly basis, or quarterly basis.

Payout Frequency

You are free to choose the payout frequency as per your requirement. You can receive the income as payouts on a monthly basis, a yearly basis, a half-yearly basis, and a quarterly basis.

Loans

The company will not allow you to take a loan against this policy. There is no option for taking a loan or borrowing money from the company against the policy.

Exit Option

The company doesn’t give you the option to exit the policy once it has been started.

Annuity Rates

The annuity rates change from time to time and you will have to ask for it at the time of inception of the policy. Once you have purchased the immediate annuity plan, the annuity rate will be guaranteed for life.

Eligibility Criteria of the Reliance