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Reverse Mortgage Loan Annuity Plan
Reverse Mortgage Loan- Annuity Plan aims to provide financial security to senior citizens aged 60 years and above.
Senior citizens can approach Central Bank of India, which is the partner bank of Star Union Dai-ichi Life Insurance Co. Ltd., to
avail a reverse mortgage loan against their existing property. The Bank will act as a master policy holder for the property and buy
the citizens a group annuity from Star Union Dai-ichi Life Insurance. The senior citizens do not have to repay this loan and in case
the legal heirs wish to retain back the property they need to repay the loan amount to the bank with the accrued interest on it. This plan is also helpful for retired professionals, as they can lead their lives respectfully even after retirement.
Reverse Mortgage Loan- Annuity Plan can be availed, in yearly, half-yearly, quarterly and monthly installments. There are two options to
receive the annuity. Through the first option, the senior citizens can receive the stated annuity throughout their life time and the amount
will be cease thereafter. Through the second option, senior citizens will receive comparatively lower annuity, which will be adequately
compensated for by the return of the original purchase price to their legal heirs thereafter.
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