Answer Book question
If there is a return-of-purchase-price option, the nominee receives the original lump sum. If it is life-only or joint-life without return, payments stop and nothing further is paid. The option chosen at purchase decides this permanently.
If there is a return-of-purchase-price option, the nominee receives the original lump sum. If it is life-only or joint-life without return, payments stop and nothing further is paid. The option chosen at purchase decides this permanently.
Children discover after both parents' deaths that the ₹25 lakh annuity was life-only. Nothing is returned. Had the parents chosen return of purchase price, the children would have received ₹25 lakh at a cost of about ₹1,200 a month less income.
Annuity options are irrevocable. Nomination must be recorded.
Option on the policy document Nominee recorded Where the document is kept
Parents not telling children what option they chose.
Add the annuity to the family asset inventory with the option and nominee noted.
Return option: ₹25 lakh to nominee. No return: nothing.
None. this is a consequence of the earlier choice.
Find the policy and note the option Record the nominee
What does "return of purchase price" mean in an annuity? My father died. What financial things should we check first?
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India Post / SCSS rules · IRDAI annuity product guidance · RBI deposit insurance (DICGC) limits · Kerala Social Security Mission and Social Justice Department for pension schemes Rates, limits and whether you may qualify change. Confirm with the official source. Ask Kerala Rising: Send us your parents' rough monthly expenses, their income sources and what lump sum exists. We will help you see whether it holds up. and what to organise before there is an emergency. WhatsApp +1 443 595 9000 · keralarising.com Kerala Rising › Seniors › Retirement · Retirement 12
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