Shrilaabh Insurance Plan
Shri Laabh Insurance Plan is a Single Premium Participating Endowment Plan. Thus, it is a Traditional Plan with Bonus facility.
Key Features
There are 3 additional riders possible in this plan:
- Accident Benefit Rider
- Family Income Benefit Rider
- Critical Illness Cover Rider
Benefits
In case of death of the Life Insured within the Policy Tenure, the nominee would receive TWICE the Sum Assured + vested Bonus as Death Benefit and the policy will terminate.
On survival till the end of the policy tenure, the Sum Assured + the vested Bonus would be payable as Maturity Benefit to the policyholder and the policy would be terminated thereafter.
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
In this plan, premium needs to be paid in a lumpsum at the policy inception but the policy continues for the entire tenure as selected. This is a Double Death Benefit Insurance Plan. This plan has simple Reversionary Bonus.
On survival till the end of the policy tenure, Sum Assured + Vested Bonus would be paid to the policyholder as Maturity Benefit and the policy terminate.
However, if the Life Insured dies within the Policy Tenure, twice the Sum Assured + accrued Bonus till date would be paid to the nominee as Death Benefit and the policy would be terminated.
There are 3 additional riders in this plan.
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 20,000 | No Limit |
Policy Term (in years) | 5 | 25 |
Premium Payment Term (in years) | Equal to Policy Term | |
Entry Age of Life Insured (in years) | 12 | 65 |
Age at Maturity | - | 75 |
Payment modes | Only Single |
FAQs
Being a Single Premium Plan, there is no requirement of further payment of premium.
There are surrender benefits under this plan after completion of 3 years.
Guaranteed Surrender Value= 90% of Single Premium paid
Loan facility is available under this plan upto 10% of Surrender Value.