As per the policy terms & conditions, on survival of the Life Assured to the Vesting Date, you will get the Fund Value. You must commute a maximum of one third of the Fund Value as on the Vesting Date. The remaining benefit must be applied to purchase an Annuity from RNLIC or from any other registered Life Insurance Company. The Policy will be terminated on payment of the Maturity Benefit.
** The above is applicable when the vesting value is greater than Rs. 1 Lakh
The documents required to process the payout are given below:
- • Annuity Payout Form
- • Written consent to purchase Annuity from your Pension policy from RNLIC or any other registered Life Insurance Company
- • Self-Attested KYC documents
- • Bank account details such as Personalized Cancelled Cheque or Copy of Bank Passbook or Copy of Bank Statement