This is a limited premium payment, non-linked, with profits Money Back Plan.
DEATH BENEFIT:
Death Benefit = Sum Assured on Death + Vested Bonus + FAB, if any.
Sum Assured on Death = Higher of 125% 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.
SURVIVAL BENEFIT:
20% of Basic SA is payable after 5th, 10th and 15th year of policy.
MATURITY BENEFIT:
40% of Basic Sum Assured + Vested Bonus + FAB if any.
Example*:
Age- 35, S.A.- `5,00,000, Basic Yearly Premium: `37,945
Entry Age – 35
SB at Age-40
20% of SA = Rs.1,00,000
In case of Death At Age 43
Death Benefit = 1.25 times SA + Vested Bonus for 8 years + FAB
= `6,25,000 ( 1.25 x 500000) +`1,56,000 (39x500x8) + Nil = `7,81,000
In case Term Rider is opted for `5,00,000 : Additional `5,00,000 will be paid.
Total Natural Death Benefit: `7,81,000 + `5,00,000= `12,81,000
In case of Accidental Death (If Accident Rider is opted):Additional ` 5,00,000 will be paid along with Natural Death Benefit.
Total: `12,81,000 + `5,00,000= `17,81,000
SB at Age-45
20% of SA = Rs.1,00,000
SB at Age-50
20% of SA = Rs.1,00,000 + Premium Paying Term Ends.
Maturity at Age 55
Maturity Benefit = 40% of Basic S.A. + Vested Bonus + FAB
= `2,00,000 +`3,90,000 ( 39x500x20)+ `20,000 (40×500)
= `6,10,000
Features & Conditions:
Minimum age at entry : 13 years lbd
Maximum age at entry : 50 years nbd
Max. age at maturity : 70 years nbd
Policy term : 20 years
Premium Paying term : 15 years
Minimum S.A. : `1,00,000/- & in multiples of ` 5,000 thereafter.
Maximum S.A. : No limit
Available Riders:
1. Accident & Permanent Disability Benefit Rider available for full policy
term. Premium `1.20 %o payable for 15 years – Max 1 Crore
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 of 3 full years.
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
SB/Maturity/Death claim : u/s 10(10D)