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Features of plan: Bima bachat is a single premium
money back plan where single premium paid under the
policy shall be paid back to the policyholder along
with loyalty additions, if any, on maturity. In addition,
the survival benefit instalments are payable on survival
of the policyholder till the specified durations. The
plan also provides the payment of sum assured in case
of death during the term of the policy irrespective
of whether of not any survival benefits, have been paid
earlier. No rider benefits shall be available.
Loyalty additions: this is a participating plan
and the policy shall participate in the profits of the
corporation's with-profit assurance business. The policy
shall, however not be eligible for reversionary bonus
and all shall participate to a share of profits in the
form of loyalty addition (one time) only payable on
maturity. On the life assured surviving the stipulated
date of maturity, the policy may be eligible for payment
loyalty addition, if any, depending upon the experience
of the corporation at such rate and on such terms as
may be declared the corporation.
Plan parameters
Age at entry: Min.15 yrs Completed Max 66 yrs
Maturity age: Max. 75 yrs (NBD)
Term: 9,12 or 15 yrs.
Sum assured: Min. 20,000 Max. No. Limit
S.A in multiples: 5,000
Mode of payment: Single premium
Policy loan: yes
Housing loan: yes
Assignment: yes
Surrender of policy: yes
Underwriting condition
Form no: 300/340
Age proof: Std/Non Std
Medical exam: Not required for any S.A
Risk coverage: SA
Dating back @ 9%: Allowed
High premium rebate (per 1000 S.A)
Less then Rs.50,000 Nil
Rs.50,000 & Less then Rs.1Lac 5%
Rs.1 Lac & Less then Rs.2 Lac 7%
Rs.2 Lac and above 8%
Surrender values (GSV) (SSV): the policy can
be surrendered for after completion of at least one
policy year. The guaranteed value is equal to 90 percent
of the single premium paid excluding extra premium paid
and the survival benefits paid earlier. Special surrender
value (SSV) is given below:
Benefits
Maturity benefit: single premium excluding extra premium
with loyalty addition if any, shall be payable in case
of life assured surviving to the end of the term.
Survival benefit: in case the life assured is
surviving to the specified durations the following benefits
shall be payable.
For policy term 9 years:15% of the sum assured
at the end of each 3rd & 6th policy year. For policy
term12 year: 15% of the sum assured at the end of each
3rd, 6th & 9th policy year.
For policy term 15 years: 15% of the sum assured
at the end of each 3rd, 6th,9th & 12th policy year.
Death benefit: on death of the assured during
the term of the policy an amount equal to the sum assured
shall be payable.
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