DETAILS:
This is a limited premium, non-linked, with profits Endowment Plan.
DEATH BENEFIT:
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.
MATURITY BENEFIT:
Basic Sum Assured + Vested Bonus + FAB if any.

CASE STUDY:

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

= Rs.7,50,000

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)

= Rs.10,75,000

FEATURES:

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

Available Riders:
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.

Service Tax:
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)