Top 10 Annuity Rates in India – Life Annuity option
In India we have 24 insurance companies who are selling life insurance policies out of which only 16 companies are selling the pension plans. And only 15 companies are providing the Immediate Annuity option. But not all these companies are very transparent enough to provide the annuity rates publicly in their websites. We were able to get the details only from 9 companies. We had ranked the available annuity rates for your reference. We will try to update the other 6 company’s annuity rates shortly.
Life Annuity option
- Annuity payable for life at a uniform rate.
In this option, Annuity is payable till the death of the policyholder.
Example: Mr Arun aged 58 has taken an life annuity option and has died at age 70. He will receive the pension till his death after which the annuity is stopped and the policy gets terminated without any benefits thereafter.
Top 10 Annuity Rates in India
|RANK||COMPANY||PLAN NAME||ANNUITY RATE|
|1||Life Insurance Corporation of India||Jeevan Akshay VI||9350|
|2||SBI Life Insurance Co. Ltd.||SBI Life – Annuity Plus||9201|
|3||Edelweiss Tokio Life Insurance Co. Ltd||Edelweiss Tokio Life – Immediate Annuity Plan||8170|
|4||Future Generali India Life Insurance Co. Ltd.||FG Immediate Annuity plan||8092|
|5||Reliance Life Insurance Co. Ltd.||Reliance Immediate Annuity Plan||7840|
|6||Aviva Life Insurance Co. India Ltd.||Aviva Annuity Plus||7816|
|7||Star Union Dai-Ichi Life Insurance Co. Ltd.||SUD Life Immediate Annuity Plus||7090|
|8||IndiaFirst Life Insurance Co. Ltd||IndiaFirst Annuity Plan||5166|
|9||Birla Sun Life Insurance Co. Ltd.||BSLI Immediate Annuity Plan||Rate Not available|
|10||Bajaj Allianz Life Insurance Co. Ltd.||Bajaj Allianz Pension Guarantee||Rate Not available|
|11||HDFC Standard Life Insurance Co. Ltd.||HDFC Life New Immediate Annuity Plan||Rate Not available|
|12||ICICI Prudential Life Insurance Co. Ltd.||ICICI Pru Immediate Annuity||Rate Not available|
|13||Kotak Mahindra Old Mutual Life Insurance Ltd.||Kotak Lifetime Income Plan||Rate Not available|
|14||Shriram Life Insurance Co. Ltd.||Shriram Immediate Annuity Plan||Rate Not available|
|15||Exide Life Insurance Co. Ltd.||Exide Life Immediate Annuity||Life Annuity not available|
*Note : These rates are calculated for age 60 and a purchase price of Rs 100000. The annuity mode chosen is Annual
We can clearly find that the state run insurance company LIC is the top among all the annuity options available in India. The rate provided by LIC Jeevan Akshay VI for the annuity for life is almost equal to the fixed deposit rate currently. The most important part is that this rate is fixed for rest of your life.
You have to remember that this is the top 10 annuity rates in India for Life Annuity option only. Other options may have a different annuity rate varying with companies. Life Annuity is the option which provided highest Annuity rate among other options available.