This is a non-linked, with profits, limited premium money back type plan with extended risk cover equal to 50% of S.A. for half the policy term after maturity.
DEATH BENEFIT:
During Policy Term:
During first 5 years : Sum Assured on Death
After Completion of 5 policy years : Sum Assured on Death + Loyalty Additions, if any.
Sum Assured on Death = Higher of Basic SA or 10 times of annualized Premium.
Death Benefit shall not be less than 105% of total premiums paid as on date of death. The premiums exclude taxes, extra premium and rider premiums.
Death Benefit during Extended Risk Cover Period after Maturity (for half the policy Term ): 50% of Basic SA.
SURVIVAL BENEFIT and EXTENDED RISK COVER PERIOD:
PT/PPT SB After Policy Year % of SA Extended Risk Cover Period
16/10 4th, 8th and 12th 15% 8 Years
20/12 4th, 8th, 12th and 16th 15% 10 Years
24/15 4th, 8th, 12th, 16th and 20th 12% 12 Years
MATURITY BENEFIT:
For 16 years Policy Term : 55% of SA,
For 20/24 Years Policy Term : 40% of SA.
Example*:
Age- 35, S.A.- `5,00,000, Term – 24 years, PPT- 15 Years, Basic Yly Premium: ` 29,615
Entry age – 35
SB at Age – 39
12% of S.A = Rs. 60,000
In case of Death at Age 42
Death Benefit = Basic S.A. + Loyalty Additions
= `5,00,000 + Loyalty Additions
In case Term Rider is opted for `5,00,000: Additional `5,00,000 will be paid.
Total Natural Death Benefit: `5,00,000 +`5,00,000= `10,00,000 + Loyalty Additions
In case of Accidental Death (If Accident Rider is opted): Additional `5,00,000 will be paid along with Natural Death Benefit.
Total: `10,00,000 +`5,00,000= `15,00,000 + Loyalty Additions
SB at Age – 43
12% of S.A = Rs. 60,000
SB at Age – 47
12% of S.A = Rs. 60,000
At Age 50 – Premium Paying Stops
SB at Age – 51
12% of S.A = Rs. 60,000
SB at Age – 55
12% of S.A = Rs. 60,000
Maturity at Age – 59
Maturity Benefit= 40% of SA + Loyalty Additions
= `2,00,000 + `1,15,000 ( 230 x 500)
= `3,15,000 + ( SSV of ` 39,061 if opted)
In case of Death at Age 65
Death Benefit= 50% of SA
= `2,50,000
Extended Cover Up to Age 71
Features & Conditions:
Minimum age at entry : 14 years lbd
Policy Term , PPT and Max. age at entry :
Term PPT Max Entry Age
16 years 10 years 50 nbd
20 years 12 years 45 nbd
24 years 15 years 41 nbd
Max. age at maturity :
Policy Term 16 Years : 66 years nbd
Policy Term 20/24 Years : 65 years nbd
Minimum S.A. : `1,00,000 & in multiples of ` 20,000 thereafter.
Maximum S.A. : `5,00,000
Available Riders:
1. Accident & Permanent Disability Benefit for full policy term – Max 1 Crore.
2. Term Assurance Rider – Max 25 Lakhs.
Mode of Payment:
Yearly, Half Yly, Qly & Mly ( SSS & ECS)
Paid Up/ Surrender/Policy Loan:
After payment of premium for 3 full years.
Special Surrender value of Extended Risk Cover is allowed after Maturity any time.
Auto Cover:
Between 3 to 5 Years : 6 months from FUP.
After 5 Years : 2 Years from FUP.
Revivals:
Within 2 years of FUP. Auto cover does not extend Revival period.
Back Dating:
Allowed with lean Month’s benefits.
Service Tax:
1st Year of Policy : 3.75%
2nd Year onwards : 1.875%
Tax Benefits :
On Basic Premiums : u/s 80C
SB/Maturity/Death claim : u/s 10(10D)