Examples of Yearly Annuity in a sentence
Surrender value shall be payable as below – For Immediate Life with Return of Purchase Price option and Deferred Life Annuity with Return of Purchase Price option, the Surrender Value is calculated using below formula: Surrender Value = (F1 * Yearly Annuity (including Top-up amount, if any) + F2 * Purchase Price (including Top-up amount, if any)).
The factors F1 & F2 depends on the age at surrender: During Deferment Period,Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 9.75% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.
The factors F1 & F2 depends on the age at surrender: During Deferment Period,Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 9.50% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.
Special Surrender Value shall be payable as below: Special Surrender Value =F2 factor × Yearly Annuity × RPU Factor+ F3 factor × Total Premiums Paid (excluding loading for Modal Premiums) The maximum Special Surrender Value shall not exceed the amount of Death Benefit payable under Option 2.
Annuity instalments for frequencies other than annual shall be as specified below: FrequencyAnnuity Instalment (per frequency)Half-yearly98% of Yearly Annuity x 1/2Quarterly97% of Yearly Annuity x 1/4Monthly96% of Yearly Annuity x 1/12 Note: Yearly Annuity refers to the annuity paid in respect of annual frequency.
Post Deferment PeriodSurrender Value will be Special Surrender Value as defined below, subject to a maximum limit to the extent of Death Benefit under Clause 3.1 of Part C (as applicable): Special Surrender Value =F2 factor × Yearly Annuity × RPU Factor+ F3 factor × Total Premiums Paid (excluding loading for Modal Premiums) To know the applicable GSV and SSV Factors, please refer to Annexure 5 & 6 respectively.
Modal Factors: Modal factors shall be applicable on payment of Annuity as per the frequency selected: Annuity Installment as per frequency: ModeAnnuity Installment (per frequency)Yearly100%Half-yearly98% of Yearly Annuity x 1/2Quarterly97% of Yearly Annuity x 1/4Monthly96% of Yearly Annuity x 1/12 Payment Date of Annuities: Payment of Annuity will be made in arrears on the last day of a month depending upon the frequency of payment chosen.
ModeAnnuity Installment (per frequency)Yearly100% of Yearly AnnuityHalf-yearly97% of Yearly Annuity x 1 2Quarterly96% of Yearly Annuity x 1 4Monthly95% of Yearly Annuity x 112*New Customers are customers who intend to purchase the annuity plan separately and not using the proceeds of any of the Kotak Life’s Pension Plans / Superannuation fund(s)Tax BenefitsYou may avail of tax benefits under Section 80CCC of Income Tax Act, 1961 subject to conditions as specified in those sections.
The factors F1 & F2 depends on the age at surrender.• During Deferment Period:,Special Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 8.90% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.
The factors F1 & F2 depends on the age at surrender.• During Deferment Period:,Special Surrender Value = Discounted value of (F1 * Yearly Annuity (including Top-up annuity, if any) + F2 * Purchase Price (including Top-up amount, if any)) at 9.15% p.a. The factors F1 & F2 depends on the age at the end of Deferment Period.