Founded in 1956, Life Insurance Corporation of India (LIC) is the largest life insurance company in the country with a total income of Rs. 492626.60 crore and total assets worth Rs. 2572028.34 Cr It’s fully owned by the Government of India & is also the county’s largest investor.
Option I | Single Life Annuity | On Survival: Payments will be made in arrears for as long as Annuitant is alive, as per the chosen mode of annuity payment. |
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On Death of the Annuitant: The annuity payment shall cease immediately and 100% of Purchase Price shall be payable to Nominee(s)/legal heirs. |
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Option II | Joint Life Annuity | On Survival: The annuity will be paid in arrears for as long as the Annuitant and/or Spouse are alive, as per the chosen mode of annuity payment. |
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On first death (of either of the covered lives): 100% of the annuity amount shall continue to be paid as long as one of the Annuitants is alive. |
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On death of the last survivor: The annuity payments will cease immediately and 100% of Purchase Price shall be paid. |
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