Purchasing an Annuity of Insta Pension Plan
On retirement once the insured receives a lump sum of money, either from an employer or the Employees’ Provident Fund or from various other sources. You can use this lump sump money to purchase the Aegon Life Insta Pension Plan. As soon as you purchase an annuity plan, you start getting a regular income in the form of an annuity. The actual amount you receive as annuity will depend upon the Annuity Rates applicable at the time of purchasing the annuity.
Benefits of Insta Pension Plan
Lifetime Income - Depending on the annuity payout option that the insured chooses, the Aegon Life Insta Pension Plan provides the insured and their family an income for life.
Features of Insta Pension Plan
Annuity Payout Options – The insured have the choice to select from any of the following Annuity Payout Options:
- Life Annuity - If the insured chooses the Life Annuity option, they will receive their annuity payment at a constant rate for as long as they are alive.
- Joint Life Annuity - In this option, an annuity is paid out to the insured at a constant rate for their entire life. In case of the unfortunate demise of the primary insured, the annuity payment will continue to be paid to the spouse, till the spouse is alive. The spouse at the time of inception of policy will be eligible for annuity payments. In case of separation of spouse, the annuity amount will not change. Annuity payment will stop on death of annuitant and no annuity payments will be made to spouse after separation.
Annuity Payout Mode - The insured can choose to receive their annuity either on a monthly or on an annual basis. If they choose the monthly mode, they will start receiving the annuity one month after the date of purchase of the plan. Similarly, if they choose the annual mode, they will receive their first annuity one year after the date of purchase of the plan.
Eligibility of Insta Pension Plan
| Eligibility Criteria |
| Premium |
Minimum - ₹1,00,000
Maximum - No limit |
| Premium Pay Term |
Single Premium |
| Entry Age of Primary Insured |
Minimum - 50 years
Maximum - 85 years |
| Entry Age of Spouse |
Minimum - 50 years
Maximum - 85 years |
