For withdrawals before the age of 60, 80 per cent of the accumulated money must be invested in an annuity and the remaining can be withdrawn as a lump sum.
For withdrawals after the age of 60, you have to put at least 40 per cent into an annuity. The balance you can take as a lump sum or in a phased manner. If you opt for the latter, you can phase it out till you are 70, with a minimum 10 per cent to be withdrawn every year.
The annuity will have to be taken from any life insurance company regulated by the Insurance Regulatory and Development Authority (IRDA).
If you die before you withdraw the entire amount, then your nominee can receive the entire amount in a lump sum.
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