NEW JEEVAN AKSHAY- 1

INTRODUCTION OF NEW JEEVAN AKSHAY- 1 - (Table No. : 146)

1. INTRODUCTION
In view of existing current low interest rate scenario, it has been decided to withdraw the Immediate annuity Plan, New Jeevan Akshay (T. No. 144) and introduce a New Plan - New Jeevan Akshay - 1 in its place. The new plan will come into force with effect from 1st February, 2002.

Type of annuities available:
- Annuity for life
- Annuity certain for 5, 10, 15 and 20 years and for life thereafter
- Annuity with return of purchase price
- Annuity for life increasing at a simple rate of 3% p.a.
- Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.


Commission & D.O. Credit:
Agents Commission payable @ 2% of purchase price.
D.O. credit 5% on the purchase price.

Modes of Annuity Payments:
Annuity can be paid in yearly, half-yearly, quarterly or monthly instalments, subject to a minimum annuity of Rs. 250/-. If the annuity payable under a particular mode is less than Rs. 250/-, then the allowable mode should be so altered such that the minimum annuity payable is Rs. 250/-.


Rebate for higher purchase price:
Incentives for high purchase price (based on modes of payment) are available as addition to the annuity rates p.a. per Rs.1000 purchase price

Rebate for Corporation Employees :
A Rebate of 2% of the purchase price is available to eligible Corporation employees.

Conditions and Restrictions:
Minimum Age at entry 40 Last Birthday
Maximum Age at entry 79 Last Birthday
Minimum Purchase Price Rs.25,000/-.
Minimum Annuity Instalment : Rs. 250/-.

Loan:
No loan will be given by the Corporation to the policyholders under this plan.

Underwriting:
No medical examination is required under this plan.
Standard age proof will be required.

Surrender value:
No surrender value will be available under this plan.