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Feature of plan: This plan contains good feature
of the conventional plans and the flexibility of unit
linked plans. It provides higher cover, smooth return,
liquidity and considerable flexibility. In this plan
one has to choose the premium he wants to pay whereas
in normal plans one chooses the S.A. under this plan
death cover will be same irrespective of age at entry
and term. The sum payable at maturity however differs
for different entry age and terms. This plan is very
appropriate for employees seeking life cover through
salary savings schemes.
Surrender value: the policy can be surrender
after it has been in force for at least 3 full years.
The surrender value will be the greater then guaranteed
surrender value or special surrender value as given
below:
Guaranteed surrender value (GSV): the GSV will
be equal to the 30% of the total amount of premium paid
excluding the premium for the first year and all the
extra premiums and premium for accident / term riders.
Special surrender value (SSV): the special surrender
value under the policy shall be paid as the sum of (a)
and (b) gives as under:
- Discounted value or accumulated value, as the case
may be, of the following: 80% of maturity S.A. if
4 years premium have been paid, 90% of the maturity
S.A. if or more years but less then 5 years premiums
have been paid and 100% of the maturity S.A. if 5
or more years premium have been paid.
- The loyalty additions, if any as announced while
declaring the results of the corporation's valuation
as on 31st march, immediately preceding the date of
surrender.
Auto cover: the plan offers auto cover of 12
month after the policy has been in force for a period
of 3 years or more.
Flexible term: the policyholder can choose a
maximum term but can surrender at any time without any
surrender penalty or loss.
Partial surrenders: the plan will allow partial
surrender from 4th year onwards subject to certain conditions
for which please refer to policy document. Due to existence
of the flexible term and partial surrender the policyholder
will enjoy a lot of liquidity under the plan. The plan
also provides for 15 days free look period".
Optional rider: term assurance rider, accidental
death and disability benefit rider is available by the
payment of an addition premium.
Maturity sum assured (MSA): has to be calculated on
the basic premium only, before mode rebate & death
accident benefit.
Death benefit S.A. will be 250 times the monthly basic
premium. To arrive at DAB we have to calculate death
benefit S.A. e.g. if yearly premium is Rs.6000
The death benefit S.A. = 6000/12 x 250 = 1,25,000 for
this DAB will be @ Re.1per thousand which come out to
be Rs.125
Plan parameters
Age at entry: Min.12 yrs (completed) Max. 60 yrs (NBD)
Maturity age: Min.70 yrs
Term: Min.10 yrs Max. 35 yrs
Min. premium
Age 12 to 49:Rs.250 P.M
Age 15 to 60: Rs.400 P.M
Max. Premium: No. Limits
Premium in
Multiples: Rs.50 p.m.
Mode of payment: YLY/ HLY/ OLY/ SSS
Accident benefit: Re. 1extra per
(max. 50 Lac inclusive
all plan)
Policy loan: yes @ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: yes
Underwriting condition
Form no: 300/340
Age proof: Std/ NSAP-1
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: Death benefit S.A. + return of premium
paid + LA (if any)
Dating back @ 8%: Allowed
Benefit
Maturity benefit: Maturity sum assured (MSA) +
Loyalty additions, if any
Death benefit: 250 times the monthly premium
+ Return of premiums
(Excluding extra/rider premium and first year premium),+
the Loyalty Addition, if any
Example: Mr. ashok is 25 years old and is working in
auto industry. He opts for jeevan saral plan for 15
years term and chooses monthly basic premium of Rs.500/-
after adding DAB premium of Rs.510 (500 x 250 = 1,25,000
x 1/1000 x 1/12 = 10 + 510). On maturity he will receive
Rs.97655/- as maturity sum assured (MSA) + Loyalty Addition
which will be decided by the corporation. If he dies
after 4 years, his nominee will get Rs.1,25,000 (250
x 500) + premium paid for 4 years - first year premium
= 1,25,000 + 24,480 - 6120 = 1,43,360/- + Loyalty Addition,
if any.
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