Product Summary

Feature Details
Policy Term 10/15/20/25 years
Premium Payment Term 10 to 20 years (in complete years only). Premium payment term should always be lower than or equal to policy term.
Premium Paying Modes Monthly and Annual
Entry Age (Life Assured) Minimum: 18 years
Maximum:
Policy Term 10 years – Age at Entry: 51 years, Age at Maturity: 61 years
Policy Term 15 years – Age at Entry: 51 years, Age at Maturity: 66 years
Policy Term 20 years – Age at Entry: 49 years, Age at Maturity: 69 years
Policy Term 25 years – Age at Entry: 45 years, Age at Maturity: 70 years
Premium Minimum Premium:
Policy Term 10 years – Annual: ₹50,000 p.a., Monthly: ₹5,000 p.m.
Policy Term 15/20/25 years – Annual: ₹25,000 p.a., Monthly: ₹3,000 p.m.
Maximum Premium: No Limit
Premium Funding Benefit Option I: Death only
Option II: Death or Total & Permanent Disability (TPD). The option once chosen cannot be changed or opted out later.
Sum Assured For ages below 45 years: Higher of (0.5 x policy term x Annualized Premium) Or 10 x Annualized Premium
For ages 45 years and above: 7 x Annualized Premium
Maximum Sum Assured Varies based on age and chosen policy term, subject to underwriting acceptance. Please refer to the product brochure for complete details on maximum Sum Assured multiple available.

Benefits

Death benefit

The death benefits of this product are:

  • Sum Assured is paid on death
  • All future premiums are funded by the Company as and when due, in case of death or disability (if opted)
  • Fund Value is paid at maturity

At any point of time, the death benefit will not be less than 105% of the total premiums paid.

Maturity Benefit

At the end of the Policy Term, one will receive the Fund Value.

Premium Funding Benefit:

This benefit ensures that the future of the child is not compromised, in case of the policyholder’s death. The policy continues with all the future premiums funded by the company and the child receives the fund value at maturity.

If the policyholder has also opted for Premium Funding Benefit for disability, then in case of Total & Permanent Disability, the company will fund all future premiums. The Life Cover will continue and Sum Assured will be payable on subsequent death and fund value will be paid at maturity to the child.

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Author

This entry is part 12 of 21 in the series February 2017- Insurance Times

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