Annuity Options Quiz
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Questions and Answers

What is the key benefit of the Joint Life Last Survivor Annuity option?

  • Guaranteed lifetime income for the primary annuitant
  • Return of 100% of purchase price on death of the last survivor (correct)
  • Flexibility to choose annuity instalment mode
  • Safety net for family through return of purchase price in case of death

    • What happens to the annuity payouts in the event of the primary annuitant's death in the Single Life Annuity option?

  • Payouts are adjusted based on market conditions
  • Payouts cease immediately (correct)
  • Payouts are doubled for the next year
  • Payouts continue to the nominee

    • What is the consequence of choosing an Annuity option and Annuity Instalment mode at policy inception?

  • They cannot be changed at a later stage (correct)
  • They are automatically adjusted based on market conditions
  • They can be changed at any time
  • They can only be changed after 5 years

    • What is the primary purpose of the return of purchase price feature?

    <p>To act as a safety net for the family in case of death</p> Signup and view all the answers

    What is the outcome of the policy in the event of the death of the last survivor in the Joint Life Last Survivor Annuity option?

    <p>Policy terminates and purchase price is paid to nominee(s)/legal heirs</p> Signup and view all the answers

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