- About Scheme: Cent Swabhiman is a group annuity scheme where Central Bank is the master policyholder. The borrower buys the scheme from the bank at rates offered by Star Union Dai Ichi Life Insurance.
- Annuity: This is the uniqueness of the product. Through Star Union Di Chi Life insurance, the bank is offering life time annuity to both husband and spouse. There are two options to receive annuity- with premium return or without premium return. Like other annuity products, the annuity amount varies in both the options.
- Continuation of Annuity: The annuity continues even after premature repayment of loan. This option gives a security of life long annuity to the borrower.
- Partial Withdrawal: Like in annuity plans, the borrower can avail a loan for lump sum amount up to 25% along with annuity.
- Interest Rates: As per rates illustrated on website, the bank is giving loan at rate of 12.25% with base rate of 10.75%. There is a processing fee of .15% of loan amount with maximum limit of Rs 10000.
- How Annuity is paid: The annuity payment is done by the company through the bank directly into borrowers account on the chosen periodic intervals.
- Excess Returns: As per the company data, 80% of the excess returns over 6% during a financial year will be distributed in cash to the borrowers in month of July which is an interesting feature of the product.
Property Value (Rs lakh)
Loan Amount (Rs Lakh)
RML Annuity Scheme For lifetime (Rs per month)*
RML Scheme for term of 20 years (Rs p.m.)**