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Features of Plan: Features of plan his is the
best form of life assurance for family provision since
it enables the Life Assured to pay all the premiums
During the ordinarily vigorous and most productive years
of life. He needs not pay any premium in the later stages
of life if and when his conditions might become adverse.
With profits Limited payments policies do not cease
to participate in profits after completion of the premium
paying period but continue to share in the periodical
Bonus Distribution until the death of the Life Assured.
If the policyholder pays at least 3 years premiums and
then discontinues paying any more Premium, a reduced
paid-up assurance policy comes into force.
Such a reduced paid-up policy will not be entitled to
participate in the profits declared thereafter, but
such Bonus as has already been declared on the policy
will remain attached thereto. The premium paying term
under this plan is Five Year minimum and 55 years maximum.
Plan parameters
Age at entry: Min. 12 yrs, Max. 60 yrs
Maturity Age: Max.80 yrs
Sum assured: Min. 50,000. Max. No Limit
S.A. in multiples term: 5000 Min. 5 yrs, Max. 55 yrs
Mode of payment: YLY/ HLY/ QLY/ SSS/ MLY/
Accident Benefit: Re. 1 extra per
(Max. 50 Lac inclusive 1000 S.A.
All plans)
Policy Loan: yes
Housing Loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term Rider: N.A.
CIR: N.A.
Underwriting Condition
Form No.: 300/340
Age proof: Std.
Female Lives category: I/II/III
Non-Medical (Gen): (PRT 5 TO 10) Allowed
Non-Medical (pro): Allowed
Actual sum Assured: Basic S. A.
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed
Benefits
Survival Benefits:
S.A. + accrued bonuses and terminal bonuses, if the
life assured survives the premium paying period &
the policy continues in full force, provided all premiums
have been paid, but no further prem. Are required to
be paid.
Death Benefit:
sum assured + bonuses accrued and vested in the policy
Example:
Mr. Shahrukh Khan age 35 yrs. Whole life limited payment
under table 5 for a term of 20 years, and SA 2Lac. He
has to pay an annual premium of Rs.7531/- in the event
of his demise in 15th year his family will receive Rs.4,13,000
+ FAB if any (SA.2Lac +bonus as per of 2005 i.e. 71
x 200 x 15=2,13,000+FAB, if any)
The premium payment under this plan ceases at 20 years
term. On maturity at the age of 75 years he will get
Rs.7,68,000+ FAB, if any (SA.2Lac + bonus as per rates
of 2005 i.e. 71 x 200 x 40=5,68,000+FAB, if any)
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