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Unlike ordinary endowment insurance plan where the
survival benefits are payable only at the end of the
endowment period, this scheme provides periodic payments
of partial survival benefits as follows during the term
of the policy. Of course so long as the policyholder
is alive this plan is best suitable for businessmen
and professionals.
In case of a 20-year money-back policy (table 75), 20%
of the S. A. become payable each after 5,10,15 year,
and the balance 40% plus the accrued should have attained
majority.
An important feature of this type of policies is that
in the event of death at any time within the policy
term, the death claim comprises full S.A. without deducting
any of the survival benefit amounts, which have already
been paid. Similarly, the bonus is also calculated on
the full S.A.
Plan parameters
Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75)
Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Re.1 Extra per
(Max. 50 Lac inclusive 1000 S.A.
All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes
Underwriting condition
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
Rusk coverage: SA + bonus
Dating back@ 8%: Allowed
Benefits
Death benefits: payment of full S.A. + bonus
on full S.A. + FAB. If any is paid to the nominee The
survival benefit already paid, if any is not deducted.
Maturity benefit: balance survival benefit +
bonus on full S.A. + FAB, if any
Example: Ms. Sania Mirza, aged 25 invests Rs.2lac in
a money back policy (T.No-75) paying an annual premium
of Rs.12,546/- for 20 years period. she receives Rs.40,000
at the end of each 5th, 10th, 15th year. On maturity
balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate
of 2005 i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB if
Ms. Sania dies after 8 year, his nominee will receive
S.A. +Bonus without deducting the survival benefit survival
benefit already paid to Ms. Sania
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