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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.
For money back policy of 25 year (table 93), 15% of
the S.A. become payable each after 5,10,15 and 20 year,
and the balance 40% plus the accrued bonus become payable
at 25th year.
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
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