Minimum Entry Age¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : 8 years (completed)
Maximum Entry Age¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : 45 years (nearest birthday)
Minimum/Maximum Basic Sum Assured¬†¬†¬†¬†¬†¬†¬† : 10 times of tabular single premium
Minimum Maturity Sum Assured¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : Rs. 60,000/-
Maximum Maturity Sum Assured¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : No Limit
Maturity Sum Assured shall be available in multiples of Rs. 5,000/-.
Policy Term¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : 12 years
Premium payment mode¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† : Single premium only
REBATE FOR HIGH MATURITY SUM ASSURED:
Below Rs.150,000 ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬† ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† ¬†Nil
Rs.150,000 to Rs. 395,000 ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† ¬†Rs. 15
Rs.4,00,000 and above ¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† Rs. 20
Loan can be availed under this plan any time after completion of one policy term and subject to terms and conditions as the Company may specify from time to time.
The policy can be surrendered for cash at any time during the policy term.¬† The minimum Guaranteed Surrender Value allowable shall be as under
1.¬†¬†¬†¬† First year: 70% of the Single premium excluding extra premiums and taxes, if any.
2.¬†¬†¬†¬† Thereafter: 90% of the Single premium excluding taxes, any extra premium paid and survival benefits, if paid earlier.
3.¬†¬†¬†¬† The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value (If the policy is surrendered after completion of five policy years Loyalty Addition, if any, based o
n surrender value, shall also be payable)
Taxes, including Service Tax, shall be as per the Tax laws and the rate of tax shall be as applicable from timeto time. The amount of tax as per the prevailing rates shall be payable by the policyholder on single premium including extra premium, if any. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.
COOLING- OFF PERIOD:
If the Policyholder is not satisfied with the ‚ÄúTerms and Conditions‚ÄĚ of the policy, the policy may returned to the Corporation within 15 days from the date of receipt of the policy stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of single premium deposited after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.
The policy shall be void if the Life Assured (whether sane or insane at the time) commits suicide at any time within 12 months from the date of commencement of risk and the Corporation will not entertain any claim under this policy except to the extent of¬† 90% of the single premium paid excluding taxes and any extra premium paid.
On death during first five policy years:
Basic Sum assured i.e. 10 times the tabular single premium shall be payable.
On death after completion of five policy year:
Basic Sum assured i.e. 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.
On Life Assured surviving to the end of the specified durations, the following Survival benefit shall be payable.
At the end of 10th policy year: 15% of the Maturity Sum Assured.
At the end of 11th policy year: 20% of the Maturity Sum Assured.
On maturity,¬† 65% of the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.
Depending upon the Corporation‚Äôs experience, a policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be¬† payable on death or surrender, provided the policy has run for atleast¬† five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the¬†
For a person of age 30
Premium: 53736 (Single Premium: 52125¬†+ Tax: 1611 (@ 3.09%))
Maturity Sum Assured: 100000
¬† ¬† Therefore Survival Benefits will be
¬† ¬† 10th year: ¬† ¬† 15000
¬† ¬† 11th year: ¬† ¬† 20000
¬† ¬† 12th year: ¬† ¬† 65000¬†+ Loyalty Addition (If declared)
Death Benefit: 521250 (10 time of single premium excluding tax 52125)