It is a plan where premiums paid over the term of plan are paid back during the policy term in instalments and life insurance cover is available not only during the term but also during the extended term of the plan.
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the policy term.
Survival Benefit:
Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:
For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year
For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year
For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year
On expiry of policy term:
Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier
DEATH BENEFIT:
During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.
During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.
Extended Term: The extended term shall be half of the policy term after the expiry of the policy term
AUTO-COVER FACILITY:
If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.
Loan : Loan facility is available under this plan after the policy acquires paid up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals or through salary deductions over the policy term.
Survival Benefit:
Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:
For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year
For policy term 16 years:
15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year
For policy term 20 years:
10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year
On expiry of policy term:
Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier
DEATH BENEFIT:
During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.
During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.
Extended Term: The extended term shall be half of the policy term after the expiry of the policy term
AUTO-COVER FACILITY:
If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.
Loan : Loan facility is available under this plan after the policy acquires paid up value. The rate of interest to be charged for loan amount would be determined from time to time by the Corporation. Presently the rate of interest is 9% p.a. payable half-yearly
No comments:
Post a Comment