This is non-linked, with profits, regular premium Money Back Plan for children.
DATE OF COMMENCEMENT OF RISK:
For age at entry less than 8 years LBD : One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
For age at entry 8 years LBD or more: Risk will commence immediately.
DEATH BENEFIT:
Before Commencement of Risk: Refund of Premiums paid Excluding Service Tax & Extra.
After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB 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.
SURVIVAL BENEFIT:
20% of Basic SA is payable on policy anniversary after completion of age 18, 20 and 22 years. Policy holder has option to take survival benefits at any time after it is due or along with Maturity. Option is to be exercised 6
months before due date.
MATURITY BENEFIT:
40% of Basic Sum Assured + Vested Bonus + FAB if any.
Example*:
Age- 0, S.A.- `5,00,000, Basic Yearly Premium: `20,133
Entry Age – 0years
In case of Death At Age 12
Death Benefit =
Death Benefit = Higher of Above + Vested Bonus for 12 years + FAB
= `5,00,000 + `2,88,000 (48x500x12) + Nil
= `7,88,000 (as it is more than 105% of Total premiums paid.)
SB on Age 18 = 20% of S.A
=Rs.1,00,000
SB on Age 20 = 20% of S.A
=Rs.1,00,000
SB on Age 22 = 20% of S.A
=Rs.1,00,000
Maturity on Age 25
Maturity Benefit = 40% of Basic S.A. + Vested Bonus + FAB
= ` 2,00,000 + `6,00,000 ( 48x500x25)+ `2,25,000 (450×500)
= `10,25,000
Features & Conditions:
Minimum age at entry : 0 years lbd
Maximum age at entry : 12 years lbd
Age at maturity : 25 years lbd
Policy term : 25 – Age at Entry
Premium Paying term : 25 – Age at Entry
Minimum S.A. : `1,00,000/- & in multiples of ` 10,000 thereafter.
Maximum S.A. : No limit
Available Riders:
Premium Waiver Benefit Rider.
Mode of Payment:
Yearly, Half Yly, Qly & Mly ( SSS & ECS)
Paid up/ Surrender/Policy Loan: After payment of premium of 3 full years.
Revivals: Within 2 years of FUP.
Back Dating: Allowed with lean Month’s benefits.
Proposal Form: Revised 340 or 360.
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)