Special Retirement Plans

There comes a time in life where you start considering a peaceful retirement.

With the ILA special retirement plan, you can enjoy a well deserved peace of mind while contemplating your family's advancement through life.

Island Wealth

A guaranteed annuity for a fixed term, which helps you plan for your retirement years. Island Wealth ensures that you enjoy your retirement than endure.


  1. Life Cover @ 100 times of monthly incomes
  2. Choice of policy / tenure
  3. Choice to Opt for lump-sum & monthly income at maturity
  4. Choice to Opt for level or increasing income
  5. Premium discounts when paying quarterly, half yearly, annually or single


Minimum / Maximum age at entry 18 / 70 years (age next birthday)
Maximum age at maturity N/A
Minimum Policy term* 12 years
Maximum Policy term* 35 years
Premium Payment term 6 ,10, 15 years
Income term 6 ,10, 15, 20 years
Premium pay-Income term (years) 6-6, 6-10, 10-10, 10-15, 15-15, 15-20
Premium payment option Monthly / Quarterly / Half yearly / Yearly / Single
Sum Assured 100 times of Monthly Income (Level)
Income option
  • Level income or increasing income (at 5% pa simple interest)
  • Commutation of part of the income for an equivalent lump sum, where the income amount reduces proportionately.
Death Cover
  • If death happens during the premium payment term
    • Sum Assured is paid immediately + lump sum (if opted) & monthly income starts to be paid for full duration of Income Term
  • If death happens during the income term
    • monthly income continues to be paid + Sum Assured is paid immediately
Maximum Age for Death Cover
  • Sum Assured is paid on death during the policy term, provided age at death is below 75years
  • Monthly income is paid till expiry of the income term
Loyalty Reward This benefit is payable at the end of the income term and is equal to
  • 18 times the last monthly income for a 12-year policy term
  • 24 times the last monthly income for other policy terms
Benefit Add-Ons Total & Permanent Disability
Minimum Sum Assured (Rs) 100,000
Maximum Sum Assured As per company's guidelines

*Policy Term = Premium Payment Term + Income Term

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Frequently Asked Questions

1. Can the income be accelerated, ie paid before the end of the premium term?

This is possible only in the event of death during the premium payment term.
In such a scenario, the monthly income starts getting paid from next policy anniversary to the beneficiary for the full duration of the income term.

2. Is the income paid at month start or month end?

The income is paid at the end of every month.

3. Must the assured be alive at the end of the income term to receive the loyalty reward?

NO. The loyalty reward is paid at the end of the income term, whether the assured is alive or not.

4. When I opt for a lump sum, my monthly income reduces.

a. Does this reduce the death cover of 100 time’s monthly income?

NO. The death cover is based on the full unreduced monthly income.

b. Does this reduce my loyalty reward?

YES. The loyalty reward is based on the monthly income paid in the last income year.

5. What is payable in the event of policy cancellation?

If you cancel your policy during the premium term after paying 3 years’ worth of premiums, you are eligible for a surrender value equivalent to

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