Product
summary:
This is an Endowment Assurance plan
that provides greater financial protection
against death throughout the term of
plan. It pays the maturity amount on
survival to the end of the policy term.
Premiums :
Premiums are payable yearly, half-yearly,
quarterly, monthly or through Salary
deductions, as opted by you, throughout
the term of the policy or earlier death.
Bonuses : This is a with-profit plan
and participates in the profits of the
Corporation's life insurance business.
It gets a share of the 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. A Final (Additional) Bonus
may also be payable provided a policy
has run for certain minimum period.
BENEFITS
Death Benefit:
Table No 88: Twice the Sum Assured plus
all bonuses on the basic sum assured
to date is payable in a lump sum upon
the death of the life assured.
Table
No 133: Thrice the Sum Assured plus
all bonuses on the basic sum assured
to date is payable in a lump sum upon
the death of the life assured
Maturity
Benefit:
The Sum Assured plus all bonuses declared
up to maturity date is payable in a
lump sum on survival to the end of the
policy term.
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
value will be available under 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.
Corporation's
Policy On Surrenders:
In practice, the company will pay a
Special Surrender Value - which is either
equal to or more than the Guaranteed
Surrender Value. The benefit payable
on surrender reflects the discounted
value of the reduced claim amount that
would be payable on death or at maturity.
This value will depend on the duration
for which premiums have been paid and
the policy duration at the date of surrender.
In some circumstances, in case of early
termination of the policy, the surrender
value payable may be less than the total
premiums paid.
The
Corporation reviews the surrender value
payable under its plans from time to
time depending on the economic environment,
experience and other factors.
