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Features of Plan:
This policy is suitable specially to meet the needs
of marriage or higher education of the policyholder's
children. It is a kind of an endowment policy in case
of maturity. In case of early death of the policy holder
the nominee will not get the S.A. and bonus immediately.
Future premium are not payable after death of the policyholder
the S.A. with bonus is payable only after the expiry
of the term. In case of death caused by an accident,
S.A. will be paid to the nominee immediately. At the
maturity of the policy the policyholder can exercise
option to take for the amount in lump sum or a convenient
term can be chosen which can be used for future education
of dependents.
In case the double accident benefit is availed then
an additional sum equal to the basic S.A. become payable
immediately on death due to accident during the policy
term
The loan facility is available under this plan after
3 years of commencement of policy when premium are fully
paid up for 3 yrs. The rate of interest is @ 10.5% p.a.
Plan parameters
Age at entry: Min.18 yrs, Max.60 yrs
Maturity Age: Max. 70yrs
Sum assured: Min. 50,000, Max. No. Limit
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1extra per
(Max. 50lacs inclusive: 1000 S.A.
All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Term: yes
CIR: yes
Under writing
Form no: 300
Age proof: std./ NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic S.A.
Risk coverage: premium waived
Dating back @ 8%: Allowed
To calculate the mean age, the difference between the
ages of the two lives is calculated by subtracting the
ages of the two lives. For example, husband's age is
27 yrs. And wife's age is 22 yrs., then the Difference
between ages will be 27__22=5 yrs. From the above chart
we will see addition to younger age below 5 yrs. Which
come out to be 3. by adding this number to younger age
i.e.22 yrs the joint life age is 22+3=25 yrs. On this
age the premium will be charged.
Benefit:
Maturity benefit: payment of S.A.+ Bonus+ FAB,
if any.
Death benefit:
S.A. + bonus payable in lump sum or in 10 HLY instalments
at the option of beneficiary. Moreover, the future premiums
are waived.
Accident benefit: accident benefit equivalent
to basic S.A. would be available immediately, in addition
to death benefits stated above by paying appropriate
additional premiums on that behalf.
Example: Mrs. Twinkle Khanna has a 2 years old
daughter pooja. she opts for marriage endowment plan
for Rs.2lac for 20 years, so that her daughter can be
married around 22 years of age. But after 8 years his
death occurs. Her nominee needs not to be worried about
the premium of this plan. When her daughter pooja attains
the age of 22 years, she will get Rs.3,80,000/- (basic
S.A. Rs.2lac + bonus as per bonus rate of 2005 i.e.
Rs.45/- per annum for 20 years which come out be to
Rs.1,80,000/-). This policy can be gifted to someone
you love.
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