Annuity Insurance

A cushion to your financial loss

There are two types of annuities, Individual and Joint Life.

Individual annuities are selected by companies to plan tax liabilities for key members like CEO, Presidents, VP’s, Directors, Partners, etc.

Once the annuity starts a fixed income is received by the policy holder throughout his/her life.

In case of Joint life, both spouses enjoy pension throughout their life.

Certain annuity products are also designed for handicapped and specially abled people.

SILENT FEATURES

  • There are four different types of annuity plans:
    1. Immediate Annuity
    2. Deferred Annuity
    3. Individual Annuity
    4. Joint Life Annuity
  • Single Premium and Regular Premium Plans are available.

Sanghavi’s Recommendation:

  • One should start investing in annuity from the day one starts earning.
  • Retirement is the most crucial part of one’s life and planning must not be neglected.
  • Plan and calculate funds required for retirement period with financial planners.
  • Ladies should have annuity in their name for financial independence.
Annuities Insurance
Title Description
Details Annuities can be used as pension during old age. These policies are suited for senior citizens and those planning a secure future.
Death Benefit On unexpected demise of the policy holder, nominee receives benefit from the Insurance Company depending on policy chosen.
Survival Benefit Policy holder gets benefit from pre-defined time and it continues till policy holder survives.


Features and Conditions

Minimum & Maximum age at Entry: Varies from company to company.

Minimum & Maximum Term: Varies from company to company.

Minimum & Maximum Sum Assured: Varies from company to company.

Tax Benefits

Tax Benefits for Individuals: As per Government & Regulatory body’s Guidelines. Benefits under 80C.

Tax Benefits for Corporates: As per Government & Regulatory body’s Guidelines. Benefits under 80C.

Treated as expenses by the Company.



Example: Case 1 – Individual annuity plan; Case 2 – Joint life annuity plan.

Investment Corpus

Benefits
Investment (Single Premium) is paid at start of policy. Policy holder receives benefits from pre-defined time till survival. Corpus goes to nominee on demise depending on policy chosen.
Investment Death of Spouse Corpus

Benefits
Investment (Single Premium) is paid at start. Policy holder receives benefits till survival. On demise of one spouse, pension continues to other spouse for life. Corpus depends on policy chosen.