Product
summary:
This is an Endowment Assurance plan
offering the choice of many convenient
premium paying terms. It provides financial
protection against death throughout
the term of plan with the payment of
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 premium paying term or till earlier
death. Alternatively premium may be
paid in one lump sum (Single premium).
Guaranteed
Additions:
The policy provides for the Guaranteed
Additions at the rate of Rs. 50/- per
thousand Sum Assured for each completed
year for first five years of the policy.
The Guaranteed Additions are payable
along with the Basic Sum Assured at
the time of claim.
Bonuses:
The policy participates in the profits
of the Corporation’s life insurance
business from the 6th year onwards.
It will get a share of the profits in
the form of bonuses. Simple Reversionary
Bonuses will be declared per thousand
Basic Sum Assured annually at the end
of each financial year. Once declared,
they will form part of the guaranteed
benefits of the plan.
Death
Benefit:
The Sum Assured alongwith guaranteed
additions and vested bonuses, if any,
is payable in a lump sum on death of
the life assured during the policy term.
Maturity
Benefit:
The Sum Assured alongwith guaranteed
additions and reversionary bonuses,
if any 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 is 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. In case
of a single premium policy the guaranteed
surrender value is 90% of the single
premium paid excluding any extra premium.
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 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
premium paid.
The
Corporation reviews the surrender value
payable 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.
