The market for immediate
annuity plan is gaining new ground in India. Although traditionally insurance
companies in India have more number of deferred annuity plans, the trend is set
to change. At least this is what HDFC standard Life Insurance feels as they
prepare to launch their new immediate annuity plan in December 2012. They have
already received the IRDA approval for this new product – HDFC New Immediate
Annuity Plan.
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Executive Vice President
(Marketing and Direct Channels) , Sanjay Tripathy feels that there is a lot of
potential for growth of Immediate Annuity Plans
in India as their presence in the international market are already
established. The new product will offer 11 annuity options for single and joint
lives.
An Immediate Annuity Plan start
paying you annuity right from day one once a lump sum payment is made. These
are typically suitable for people aged above 50 years and having huge
disposable income. Some of the immediate annuity plans are LIC Jeevan Akshay,
ICICI Pru Immediate Annuity etc.
As opposed to
Immediate Annuity Plan, Deferred Annuity Plans have an accumulation phase
inbuilt in itself. Premiums are paid for X number of years and post retirement
the investor starts receiving pension income. These are quite popular in India
and some examples are LIC Jeevan Tarand, LIC Jeevan Nidhi, Bajaj Allianz Swarna
Rakhsha etc. Looking for Life Insurance? Click below to get the best deals :
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