This an Endowment Assurance plan tht provides financial protection against death throughout trem of plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured payable at end of each of last four years of poilcy trem wher life assured dies or survives trem of poilcy.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout trem of poilcy or till earlier death.
Bonuses:
This a with-profits plan and participates in profits of Corporation’s life insurance business. It gets a share of profits in form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at end of each financial year. Once declared, y form part of guaranteed benefits of plan. Bonuses for full trem on full Sum assured are paid at end of trem even if death occurs during poilcy trem. Final (Additional) Bonus may also be payable provided poilcy has run for certain minimum period.
Benefits on death/survival:
One fourth of sum assured payable at end of each of last four years of poilcy trem. On death/survival all bonuses declared during trem of poilcy will also be paid along with last instalment. se benefits are payable wher life assured survives poilcy trem or dies during trem of poilcy. Furr, on death during poilcy trem, an amt. equal to Sum Assured also payable immediately.
Supplementary/Extra Benefits:
se are optional benefits tht can be added to your basic plan for extra protection/option. An additional premium required to be paid for se benefits.
Surrender Value:
Buying a life insurance contract a long-term commitment. However, surrender values are available on plan on earlier termination of contract.
Guaranteed Surrender Value:
poilcy may be surrendered after it has been in force for 3 years or more. guaranteed surrender value 30% of basic premiums paid excluding first year’s premium and fixed benefit already paid.
Corporation’s poilcy on surrenders:
In practice, Corporation will pay a Special Surrender Value – which their equal to or more than Guaranteed Surrender Value. benefit payable on surrender discounted value of reduced claim amt. tht would be payable on death or at maturity. This value will depend on premiums paid and duration at which surrender value calculated. In some circumstances, in case of early termination of poilcy, surrender value payable may be less than total premium paid.
Corporation reviews surrender value under its plans from time to time depending on economic environment, experience and or factors.
Note: above product summary giving key features of plan. This for illustrative purpose only. This does not represent a contract and for details please refer to your poilcy document.
