This is a single premium, non-linked, with profits Endowment Plan.
Commencement of Risk Cover for age at Entry:
Less than 8 years nbd: 2 years after DOC or from policy anniversary coinciding with or immediately following attainment of 8 years of age, whichever is earlier.
8 years nbd and above: Immediate.
On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any
On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.
Sum Assured + Vested Bonus + FAB if any.
Age- 35, S.A.- `1,00,000, Term – 10 years, Single Premium-`74,055
Entry Age 35
In case of Death at Age 40:
Death Benefit = Sum Assured + Vested Bonus for 5 years + FAB
=`1,00,000 + `20,500 (41x100x5) + Nil
Maturity at age 45:
Maturity Benefit = Sum Assured + Vested Bonus + FAB
= `1,00,000 + `41,000 ( 41x100x10)+ Nil
Features & Conditions: (PLAN 817)
Minimum age at entry : 90 days lbd
Maximum age at entry : 65 years nbd
Min. age at maturity : 18 years lbd
Max. age at maturity : 75 years nbd
Minimum term : 10 years
Maximum term : 25 years
Minimum S.A. : ` 50,000/- & in multiples of ` 5,000 thereafter.
Maximum S.A. : No limit
Available Riders: Nil
Mode of Payment: Single Premium
Policy Loan : Only after one policy year.
Back Dating: Allowed without lean months benefit. Interest will be charged for exact no. of days from DOC to date of payment.
Proposal Form: 300, 340 or 360.
Service Tax: 3.75%
Income Tax Benefits :
On Basic Prem : u/s 80C up to 10% of SA
Maturity : Taxable
Death Claim :u/s 10(10D)