The regulator believes that the retirement annuity should provide for those who have retired earlier than the set terms. It is now possible to receive annuity payments in India at the age of 40. Besides, the retirement annuities are divided into lifetime personal and lifetime family annuities. The annuity can be paid monthly, quarterly, semi-annually or annually.
Along with that, life insurance companies independently adjust the list of critical illnesses for which they make payments ahead of schedule. According to Irdai regulations, pricing is at the discretion of insurers. However, annuity rates must be calculated on the basis of actuarial principles to guarantee payments to customers.
Photos are from open sources.
