This is a regular premium, non-linked, with profits Endowment Plan.
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.
Basic Sum Assured + Vested Bonus + FAB if any.
Age- 35 yrs,S.A –Rs.5,00,000, Term – 21 yrs, Basic Yly Premium:Rs.24255
Entry age is 35yrs.
In case of death in 5th policy year, age would be 40 yrs. Death Benefit given to the nominee is
Death Benefit = Sum Assured on Death+ Vested Bonus for 5 years + FAB.
[S.A on Death=Higher (Rs.5,00,000 or 10 times of Basic Annualized Premium = Rs.24255 x 10 =
Rs. 2,42,550 )]
=Rs.5,00,000 + Rs.1,20,000 (48x500x5) + Nil
105 times of Total Basic Premiums Paid= Rs.24255x 5 x 1.05 = Rs.1,27,339
As Death Benefit is more than 105 times of total Basic Premiums Paid, Rs.6,20,000 will be paid as Death Benefit.
In case of Accidental Death (If opted for Accident Rider):
Additional Rs.5,00,000 will be paid along with Natural Death Benefit.
Total: Rs.6,20,000 +Rs.5,00,000=Rs.11,20,000.
For the surviving policyholder, Maturity Benefit will be paid.
Maturity Benefit = Basic S.A. + Vested Bonus + FAB
= Rs.5,00,000+ Rs.5,04,000(48*500*21) +Rs.50,000(100*500)
Minimum age at entry : 8 years lbd
Maximum age at entry : 55 years nbd
Max. age at maturity : 75 years nbd
Minimum term : 12 years
Maximum term : 35 years
Minimum S.A. : `1,00,000/- & in multiples of ` 5,000 thereafter.
Maximum S.A. : No limit
- Accident & Permanent Disability Benefit – Max 1 Crore up to Age 70.
- Term Assurance Rider – Max 25 Lacs
Mode of Payment: Yearly, Half Yly, Qly & Mly ( SSS & ECS)
Paid Up/ Surrender/Policy Loan: Available after payment of premium of 3 full years.
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)