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Features of Plan: A flexible plan for the policyholder
to select PPT of his own choice just as in the case
of limited payment whole life policies, here, too, the
payment of premium can be limited either to a single
payment or to a term shorter then the policy. The endowment
is, however, payable only at the end of the policy term,
or on death of the policyholder if it place earlier.
Being an endowment assurance policy, this plan is suitable
for the people of all ages and social group who wish
to protect families from a financial setback that may
occur owing to their demise. The amount assured if not
paid by reason of his death earlier, will be payable
at the end of the endowment term where it can be invested
in an annuity provision for the rest of the policyholder's
life or in any other way he may think most suitable
at that time.
Plan parameters
Age at entry: Min.12yrs, Max. 65 yrs (NBD)
Maturity Age: Max. 70 yrs (NBD)
SUM Assured: Min. 50,000, Max. No. Limit
S.A. in Multiples: 5000
Term: Min. 5 yrs, Max. 25 yrs Regular Max. 50 yrs S.P.
Mode of payment: YLY/ HLY/ QLY/ SSS/ MLY/ single pemium
Accident Benefit: Re. 1 extra per
(Max. 50 Lac inclusive 1000 S.A.
TEM
Policy Loan: yes after 3 yrs DOC
Housing Loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: yes
CIR: yes
Under writing
Form no.: 300/340
Age proof: std./ NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (pro): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ vested bonus+ FAB, if any
Dating back @ 8%: Allowed
Benefits
This is the most popular from of life assurance
since it not only makes provision the family of the
life assured in the event of his early death, but also
assured a lump sum at any desired age. The amount assured,
if not paid by reason of his early death, become payable
at the endowment term when it may be invested to provide
an annuity during the remainder of his life or in any
other way he may think most suitable at the time.
Survival Benefits:
payment of S.A. + FAB, if any.
Death Benefit:
Payment of full S.A. + vested bonus. Final additional
bonus is also given. If premium paid is for 17 yrs or
more
Example:
Mr. Abhishek Bachhan, aged 30 years invests Rs.2 Lac
in an endowment assurance policy (with profits) payable
after 25 years with the term premium limited to 20 years
only. He pays Rs.8608/- as annual premium. On maturity,
at the end of 25 years, he will get Rs.5,37,000/- (Rs.2,00,000
+ bonus as per bonus rate of 2005 @ Rs.51/- per thousand
per annum i.e. 51 x 25 x 200 = 2,55,000 +Rs.82,000 as
final additional bonus @ 410 per thousand for 25 years).
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