This is a limited premium, non-linked, with profits Endowment Plan.
Sum Assured on Death + Vested Bonus + FAB if any.
Sum Assured on Death= Higher of 125% of Basic SA or 10times 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.
Basic Sum Assured + Vested Bonus + FAB if any.
Age- 35, S.A.- Rs.5,00,000, Policy Term – 21 years, PPT- 9 Years, Basic Yearly Premium: Rs.35,961
Entry Age is 35yrs.
In case of Death at Age 40,
Death Benefit = 125% of Basic S.A.= Rs. 6,25,000
= 10 times of Basic Annualized Premium = Rs.35,961×10 = Rs.3,59,610
Death Benefit = Higher of Above + Vested Bonus for 5 years + FAB
= Rs.6,25,000 +Rs.1,25,000 (50x500x5) + Nil
In case of Accidental Death (If Accident Rider is opted):
Additional Rs. 5,00,000 will be paid along with Natural Death Benefit.
Total: Rs.7,50,000 + Rs.5,00,000= Rs.12,50,000
At the age 44, premium payment stops.
Maturity will be given at the age 56.
Maturity Benefit= Basic S.A. + Vested Bonus + FAB
= Rs.5,00,000 + Rs.5,25,000 ( 50x500x21)
+ Rs.50,000 (100×500)
Minimum age at entry : 18 years lbd
Maximum age at entry:
Term/PPT(8yrs)/PPT(9yrs): 12 Years/57 nbd/62 nbd
Term/PPT(8yrs)/PPT(9yrs): 16 Years/59 nbd/59 nbd
Term/PPT(8yrs)/PPT(9yrs): 21 Years/54 nbd/54 nbd
Policy Term : 12, 16 & 21 years
Premium Paying Term : 8 or 9 years.
Minimum S.A. : `3,00,000/- & in multiples of `10,000 thereafter.
Maximum S.A. : No limit
1. Accident & Permanent Disability Benefit : for full policy term – Max 1 Crore up to age 70
2. Term Assurance Rider – Max 25 Lakhs
Mode of Payment: Yearly, Half Yly, Qly & Mly ( SSS & ECS)
Paid Up/ Surrender/Policy Loan: Available After payment of premium for 2 full yrs.
Revivals: Within 2 years of FUP.
Back Dating: Allowed with lean Month’s benefits.
1st Year of Policy : 3.75%
2nd Year onwards : 1.875%
Tax Benefits :
On Basic Premiums : u/s 80C
Maturity/Death claim : u/s 10(10D)