It’s a single premium plan where in the policyholder has an option to select an Immediate or Deferred annuity. The annuity rates guaranteed at the starting point of the policy for both. The Immediate and Deferred Annuity. And annuities can be avail throughout the life time of Annuitant(s). This feature makes it possible for lot many people to go for it. This plan could bought offline as well as online. To acquire the plan online, one should log on to the Policygaga website –


Following points should taken into consideration by the customers before saying yes to the policy-

  • Address change: In the situation where a person changes. In other words, the location of his house where he is residing. Then the said information should give to the specific branch servicing office.
  • Provision to followed:- The assignment should be in tandem with the provisions of the Insurance Act 1938. The present provisions of Section 38 mentioned in annexure-1 document.
  • Nomination :- Nomination should be in tandem. With Section- 39 provision of the Insurance Act, 1938 as edited from time to time. The current provisions of Section 39 mentioned in Annexure –II.
  • Insurance Act, 1938 (Section 45):- The present provisions of the above mentioned in Annexure –III.
  • Availing E-services :- One should visit the website, in order to help us to serve you in a better manner. If one seems to find any errors in a particular document, one may return this Policy for improvements.


The meanings of some words used in the policy Document are as under:

1. Age will be the age at last birthday of the Annuitant(s) on the date of start of the policy.

2. Annuitant(s) will be people/person who’s related to the policy. Therefore, who’s inclined to receive the annuity benefits as stated in Policy Schedule.

3. Annuity means a particular amount that is to paid under this policy. In other words, at certain intervals and after a minimum number of days according to the schedule. It’s specification under the option selected by the annuitant as shown in this policy.

4. Appointee It is the person to whom the surplus is paybleon behalf of the desired nominee. In the case the nominee is minor as on the date of the payment of claim.

5. Corporation is use to mean the Life Insurance Corporation of India as decided under the Section 3 of the LIC Act, 1956.

6. Date of commencement (policy) – It is the beginning date of the policy.

7. Beginning date of Risk It is the date on which the Corporation does the acceptance of the risk. However, for insurance as shown in the policy schedule.

8. The issuance date It is a date when after the underwriting process recognized. In addition, as a policy and this contract gets executed.

Some Points also Noted:

  1. The Vesting date:- It can defined as the date ascertained in the schedule of the policy. On which Deferment time expires and the annuity becomes. The payable like arrears according to the mode chosen for annuity payment.

2. Benefit of death:– It can understood as the benefit, decided at the beginning of the policy. That has to paid when the Annuitant(s) is dead and after. Which the contract ends except to the extent of amount yet. To be pay towards payment of benefit of death as per the term and conditions under the policy.

3. Period of Deferment:– This can understood as the period, in years. As decided by the policyholder and as mentioned in the schedule. Moreover, starting from the commencement date of the policy to the vesting date.

Due Date– It means a pre-decided date on which the annuity is due and to be pay.

Endorsement condition:–This includes but is not limited to the conditions attached. To the policy which includes any additions or changes decided earlier.

FREE LOOK PERIOD:– This is the period of 15 days (30 days if this policy is by chance bought online). From the date of the receipt of the policy attachment by the policyholder. To check the terms and certain conditions of this policy. This period is the duration when the policyholder decides. Also, To disagree to any of those terms and conditions.

Period of Guarantee:– This means the period that begins from the date of start of the policy. As given in the annuity option selected by the annuitant at the beginning of the contract. For which the annuity guaranteed to be payable.

BENEFITS: – Making one time investment allows you access to an assured life-long income. This generates a smooth flow of regular amount.Nine separate annuity options to choose from according to the situation.It allows the exercise of choice in case of implementing the choice of the immediate annuity or post pone it to a future date as deferred annuity.This policy allows the advantage of having a single life policy or joint life with any of the members of the house. Therefore, this feature creates flexibility.It makes the availability of loan essential possible by giving the loan facility that is available after 1 policy year.

Allowance of surrender:– The policy can surrendered anytime after three months from the end. Of the policy at the time annuity option is with return of the purchase price. Thus, rigidity removed.It gives the wonderful option of Free Look Period Under this. If the policyholder isn’t satisfied with the pre decided. In addition, the ‘terms and conditions’ of the policy. Then the policy maybe returned to the organization. Within a particular period of time. that is for 15 days.


The buying price calculated on the age of the Annuitant(s) as mentioned. In the annuitant sheet, in case the age turns out to be different (lower/higher). Than certain age, without any thought, as decided, the below actions can taken.If the annuitant’s authentic age found to be different from the age shared in the Proposal Form. The Annuity payments that are totaling to paid under the Policy.

It can changed according to the right age of the Annuitant from the next Annuity. In addition, Due date and the total of the resulting excess given.So, difference between the original Annuity amounts paid. And the edited Annuity from the up to the date of such extra payment. Be paid to the Corporation with interest at such rate as decided by the Corporation from time to time. The difference arising out of incorrect annuities paid. In the past along with interest shall taken from the Annuitant. Or would adjusted from the annuity payments.If the right age is such as would have made the Annuitant insufferable under the Policy. Then this policy will cancelled and the Purchase Price paid may returned. After deducting the amount for stamp duty, taxes and Annuity paid.

Forfeiture in certain events:

In case any condition that’s contained or endorsed will contravened. In case it shall by any chance appear. That any inauthentic averment contained in the proposal then. In every such case this policy shall be void and all claims. To any benefit in virtue of this policy shall be subject to the provisions mentioned. In the Section 45 of the Insurance Act, 1938 as edited from time to time.

Options available for the payment of the Death Benefit:

Under the annuity options where there is a benefit payable on death. This includes but is not limited to Option Fand Option J under the Immediate Annuity and both. The Options under Deferred Annuity, the Annuitant(s) shall have to select. One of the preferable choices for the payment of the death benefit to the nominee(s).QROPS(Qualifying Recognized Overseas Pension Scheme):- This scheme is by the transfer of UK tax-relieved assets. The following terms and conditions prescribed by HMRC will apply.

  • i) Minimum age- For annuity payment would be 55 years of age (that is, under the Immediate annuity. The minimum age at the entry would be 55 years , under Deferred annuity, the minimum vesting age will be 55 years).
  • ii) If the policy is cancel during the Free Look period. The proceeds from the cancellation will be only transferred back. To the fund house from where the money received.