Product
summary:
This is an Endowment Assurance plan
designed for the benefit of handicapped
dependants.
Premiums:
Premiums are payable quarterly, half-yearly
or yearly throughout the term of the
policy or till the earlier death. Alternatively,
the premium may be paid in one lump
sum (single premium).
Guaranteed
Additions:
The policy provides for the Guaranteed
additions at the rate of Rs.60 per thousand
Sum Assured for each completed policy
year while the policy is in full force.
The Guaranteed Additions are payable
at the end of the policy term or on
earlier death.
Loyalty
Additions:
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 loyalty
additions which are terminal bonuses
payable along with death or maturity
benefit. Loyalty addition may be payable
from fifth year onwards depending on
the experience of the Corporation.
Benefits
on maturity or earlier death:
On surviving till the end of the term
of the policy or earlier death, Sum
Assured together with the Guaranteed
Additions and Loyalty Additions, if
any, become payable. 20% of such benefit
amount shall be paid in a lump sum and
the balance amount shall be utilized
to provide an annuity on the life of
handicapped dependant. A number of annuity
options are available under the plan.
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 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. 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
