Under this increasing annuity option, the policyholder will receive a lifetime pension. But the amount of pension that he would receive is not a fixed one. The pension that he would receive will be increasing at a rate of 3% every year. So, 10 years down the line, the pension paid would be 30% higher compared to what would be given right now. After the policy holder expires, nothing would be paid to the nominee. Below is the sample pension rates that the policy holder would receive on the first year as annuity.