Annuity Process

Before the Maturity

The company will send an advance communication to the policyholder before the due date of maturity to opt annuity plan.

         On Maturity

• Pension payouts are processed as per the request of the policyholder.
• If incase the 2/3 amount is greater than 2.5 lakhs. Only, maximum of 1/3^rd of the pension fund can be paid to policyholder. 
• If less than 2.5 lakhs, then all maturity amount processed to policy holder name.
• The 2/3 or higher of the pension fund must be invested in annuity products of the same or other insurer.
• If the customer opts for annuity from some other insurer, then the 2/3 amount will be released via NEFT or cheque. If the Customer does not respond the entire amount will be moved in unclaimed after 365 days from termination date.
• Customers need to opt for the annuity option before due date. If not, the amount moved into unclaimed after 365 days from termination date.
• Manual communication is sent to policy holder after payout is processed from our end.

          Process to opt for new annuity plan.

• An immediate annuity plan can be purchased from the Company or from any other annuity provider, approved by IRDA.

Surrender applicable or not.

• Surrender is allowed under pension plans; however, communication is not sent for the same.
• The customer has the option to surrender the policy only before the maturity date.

Documents

1. If customer want to take annuity from other insurance companies:

• Customer request via registered email ID
• Bank details of the insurer
  

2. If customer want to take annuity from Bandhan Life:

• Customer request confirmation regarding 2/3 payout.
• Annuity option form
• Proposal form to issue the new annuity plan.