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