What Is A Unit Linked Annuity Plan?

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Under these kinds of annuity plans the corpus is invested in a unit linked pension plan. The charges are deducted from unit linked pension plans in a similar way to a Unit linked insurance plan. These plans have a minimum annual premium of INR 10000 and charges are deducted from them. According to new rules a compulsory life cover or a health cover needs to be provided and a minimum guaranteed amount of 4.5% indexed to the RBI reverse repo rate. One has to pay premiums for about 10-15 years and one will get a third of the corpus on retirement. The remaining amount is locked in a compulsory annuity plan which will pay you sums of money on a monthly, quarterly or an annual basis. These policies have a compulsory lock in period of 5 years. These policies have an entry age of 25-70 Years and an equity exposure which can range from 60-100%. Under these Unit Linked Pension Plans one third of your retirement corpus is given to you as a lump sum and two third of the amount is locked in a compulsory annuity plan either with the same insurance agency or this amount is directly transferred to another insurance agency of your choice where it is locked in an immediate annuity plan. Rules are being framed such that the annuity policy has to be locked in with the same insurer you invested the pension policy in order to procure loyalty benefits.

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