||Plan No||Table No: 815|
|Sub Product||Endowment Plan|
|Type of Returns||Guaranteed|
|Sum Assured (in Rs.)||1,00,000||No Limit|
|Policy Term (in years)||15||35|
|Premium Payment Term (in years||Equal to policy term||Equal to policy term|
|Entry Age of Policyholder||18||50|
|Age at Maturity||-||75|
|Payment modes||Yearly, Half-yearly, Quarterly or Monthly (ECS only)|
|Accidental Death Benefit||-|
|Accidental Dismemberment Benefit||-|
|Accidental Death & Disability Benefit||Yes|
|Waiver of Premium||-|
|Family Income Benefit||-|
|Accelerated Sum Assured||-|
|Simple Reversionary Bonus||Simple Reversionary Bonus is 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 will be added during the selected term or till death, if it occurs earlier. Simple Reversionary Bonus accrues during the premium paying term and is paid at the end of the premium paying term or on earlier death along with the final additional bonus, if any. No bonus is paid on death after the premium paying term.
|Final Addition Bonus||Final Addition Bonus may also be payable provided the policy has run for certain minimum period. This is not guaranteed.|
|Surrender Benefit||The policy can be surrendered for cash provided at least three full years’ premiums have been paid.|
|Surrender Value||The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered|
|Policy Lapse||Policy will lapse If the premiums are not paid within the grace period.|
|Revival||A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the insurer.|
|Paid-up value||If at least 3 full years’ premiums have been paid, then this policy shall continue as a paid-up policy.
The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured *(number of premiums paid / number of premiums payable).
This Paid-up Sum Assured along with vested simple reversionary bonuses (if any), is payable on maturity or death.
|Loan||Available - provided the policy has acquired a surrender value|
|Free Look Period||15 days from the date of receipt of the policy document|
|Grace Period||30 days for all modes
15 days for monthly