To utilize the entire proceeds of the policy or part thereof for purchasing an Immediate Annuity or Deferred Annuity from the Company at then prevailing rate. The nominee shall also be given an option to purchase an immediate annuity or deferred annuity from another insurer at the then prevailing rate to the extent of percentage, as stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
Withdraw the entire Death Benefit amount as a lump sum. The policy terminates with the payment of death claim amount.