Life Annuity payments are guaranteed for ten years. Thus, if the retiree dies before attaining ten years of receiving annuity payments, the monthly annuity/pension will be paid to his beneficiaries for the remaining period up to ten years. For example, if a retiree who chose annuity dies six years after retirement, his monthly pension for the next four years will be paid to his beneficiaries.
- 08. How can I purchase a Life Annuity contract from a Life Assurance company?
- 06. Will gratuity be paid under the CPS?