This
policy not only makes provisions for
the family of the Life Assured in event
of his early death but also assures
a lump sum at a desired age. The lump
sum can be reinvested to provide an
annuity during the remainder of his
life or in any other way considered
suitable at that time.
Premiums
are usually payable for the selected
term of years or until death if it occurs
during the term period.
Suitable
For:
Being an endowment assurance policy,
this plan is apt for people of of all
ages and social groups who wish to protect
their 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 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.
Disability
Benefit:
In case policy holder becomes totally
and permanently disabled due to an accident
before reaching the age of 70 and the
policy is in full force, he will not
be required to pay further premiums,
(the Disability Benefit is available
in respect of the first Rs.20,000 sum
assured on any one life) and the policy
will continue to be in force.
Accident
Benefit:
By paying a small extra premium of Rs.1
per Rs.1000/- sum assured per year he
or his family are entitled to the following
benefits on death or permanent disability
caused by accident. Even students above
the age of 18 years can avail of this
benefit.
Premium
Stoppage:
If payment of premiums ceases after
at least THREE years' premiums have
been paid , a free paid-up policy for
a reduced sum assured will be automatically
secured provided the reduced sum assured,
exclusive of any attached bonus, is
not less than Rs. 250/-. The reduced
sum assured will become payable on the
event as stipulated in the policy.
Bonus:
Is there anything extra payable besides
the sum assured at the time of claim
settlement? Yes, but only if it is a
'with profits' policy. Every year the
Life Insurance Corporation distributes
its surplus among policyholder to 'with
profits' polices in the form of bonuses.
Substantial bonuses have been declared
in the past after each valuation of
policy liabilities.
Benefits
This is the most popular form of life
assurance since it not only makes provision
for the family of the Life Assured in
the event of his early death, but also
assures a lump sum at any desired age.
The amount assured, if not paid by reason
of his earlier death, becomes payable
at the end of 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.
Suitable
For:
Being an endowment assurance policy,
this plan is apt for people of of all
ages and social groups who wish to protect
their 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 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.
