Through your working years you work hard and save money to ensure that you can lead a comfortable life when you retire. When you retire, your regular source of income stops, your expenses donít. With increasing life expectancy and rising medical costs, the need to have an alternate income after retirement has become very important.
On retiring you would receive a lump sum amount from your employers like the Employee Provident Fund or other forms of savings that you have been doing. You require a financial planning tool that can allow you to club your other savings and these lump sum payouts which you can convert into a regular income plan.
Presenting the BSLI Immediate Income Plan that puts your savings into an annuity to give you a regular income in your retirement years.
BSLI Immediate Income Plan is a traditional, non-participating, single premium annuity plan with return of purchase price.
Step 1: Decide the amount of premium (lump sum amount) you want to pay to purchase the annuity depending on the amount of regular income you wish to receive. This annuity payment is guaranteed for life and depends on the annuity rates prevailing at the time of the purchase of the annuity.
Step 2: Choose your annuity payout options from monthly, quarterly, semi annual or annual modes.
Step 3: Choose how would like to receive your annuity from either post dated cheques or through direct credit to your bank account.
Your age is at least 50 years and a maximum of 90 years
You are able to purchase the annuity such that you can get a regular income of Rs.1,000, Rs.3,000, Rs.6,000 or Rs.12,000 for monthly, quarterly, semi-annual and annual mode of annuity payment respectively. There is no maximum limit on the purchase price
BSLI Immediate Income Plan is a long-term financial vehicle designed for retirement purpose,by Birla Sun Life Insurance Company Limited (BSLI). This is a non- participating non linked traditional annuity plan. BSLI reserves the right to recover levies such as the Service Tax levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This brochure contains the salient features of the plan. For further details please refer to the policy contract. Tax benefits are subject to changes in the tax laws. Annuity payouts are taxable as per extant tax laws.Insurance is the subject matter of the solicitation.