Product Summary:
·
This is a regular premium paying Non-linked,
With-Profits, Endowment Assurance plan.
·
This plan shall be available to standard lives
only without any medical examination and the total Sum Assured under all the
policies issued to an Individual under this plan shall not exceed Rs. 2 lacs.
Premium Payment Mode: Yearly, Half Yearly, Quarterly,
Monthly (ECS)
Term: 10 to 20 Years
Minimum Entr y Age:
8 Year Completed
Maximum Entry Age: 55 Year (Nearest
Birthday)
Maximum Maturity Age: 70 Year
Minimum Sum Assured: 75,000
Maximum Sum Assured: Rs. 2,00,000
Maximum Accidental Death and
Disability Benefit Rider up to age 70.
Policy Benefits:
·
On Death: Provided all
due premiums have been paid, the following death benefit shall be paid:
o
On Death
during the policy term:
§
" Sum Assured on Death " shall be
payable, which is the highest of
§
Basic Sum Assured; or
§
10 times of annualized premium; or
§
105% of all the premiums paid as on date of
death.
§
The premium mentioned above excludes taxes,
extra premium and rider premiums, if any. In addition to the above, Loyalty
Addition, if any, shall also be payable if death occurs after completion of 5th
policy year.
On Survival:
·
On survival to the end of the policy term Basic
Sum Assured along with Loyalty Addition, if any, shall be payable.
Surrendered Value:
·
The policy can be surrendered at any time during
the policy term provided atleast three full years premiums have been paid.
Guaranteed Surrender Value:
·
The Guaranteed Surrender Value shall be a
percentage of total premiums paid (net of taxes) excluding any extra premiums
and premiums for riders, if opted for. This percentage will depend on the
policy term and policy year in which the policy is surrendered
Loan:
• Loan facility is available
under this plan,after payment of premiums for at least 3 full years subject to
following conditions :
o
The maximum loan as a percentage of surrender
value shall be 70percent in case of inforce policies and 60percent in case of
paid-up policies.
o
The rate of interest to be charged for the loan
amount would be determined from time to time by the Corporation.
Income Tax Benefit:
• Premium paid under this plan is
eligible for TAX rebate under section 80c.
• Maturity under this plan is free
under sec 10(10D).
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