DETAILS:
This is a combination of Endowment and Whole life plan. Regular Premiums are payable for selected term only.
Death Benefit:
During Policy Term (i.e. Premium Paying Term): 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.
Death after expiry of Policy Term (i.e.PPT): Basic Sum Assured shall be payable.
Maturity Benefit:
At the end of Policy Term (i.e. Premium Paying Term): Basic Sum Assured + Vested Bonus + FAB if any.
CASE STUDY:
Age- 35 yrs,S.A –Rs.5,00,000, Term – 21 yrs, Basic Yly Premium:Rs. 27,611
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 = 1.25 times SA + Vested Bonus for 5 years + FAB
= Rs. 6,25,000 ( 1.25 x 500000) + Rs. 1,22,500 (49x500x5) + Nil = Rs. 7,47,500
In case Term Rider is opted for Rs.5,00,000: Additional Rs.5,00,000 will be paid.
Total Natural Death Benefit: Rs.7,47,500 + Rs.5,00,000= Rs.12,47,500
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.12,47,500 + Rs.5,00,000 = Rs.17,47,500
For the surviving policyholder, Maturity Benefit will be paid.
Maturity Benefit = Basic S.A. + Vested Bonus + FAB
= Rs. 5,00,000+Rs.5,14,500 ( 49x500x21) + Rs.50,000 (100×500)
= Rs. 10,64,500
In case of Death any time after Maturity, Death Benefit = = Basic SA = Rs. 5,00,000
FEATURES:
Minimum age at entry : 18 years lbd
Maximum age at entry : 50 years nbd
Max. age at maturity : 75 years nbd
Minimum term : 15 years
Maximum term : 35 years
Minimum S.A. : `1,00,000/- & in multiples of ` 5,000 thereafter.
Maximum S.A. : No limit
Available Riders:
- Accident & Permanent Disability Benefit available up to Policy Term only – Max 1 Cr up to age 70
- 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 of 3 full years.
Revivals: Within 2 years of FUP.
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)