Suppose Samik who was 5 years old had taken this plan. The Basic Sum Assured of the plan is Rs. 1,00,000. The survival benefits would be as follows:
- After he attains the age of 18 years = 20 % of Basic Sum Assured = Rs. 20,000
- After he attains the age of 20 years = 20 % of Basic Sum Assured = Rs. 20,000
- After he attains the age of 22 years = 20 % of Basic Sum Assured = Rs. 20,000
Each of these benefits, he can choose to take anytime till he reaches the age of 25 (when the policy term end).
If he chooses to take any of these at a later point of time, he would be eligible to a multiplication factor as shown in the table below.
Where n= Number of completed months from due date of Survival Benefit to the actual date of Survival Benefit payment
At the age of 18, he is eligible to get Rs. 20,000.
Suppose he chooses to defer this payment by 42 months. He would be eligible to a factor of 1.1890.
He would now get: Rs. 20,000 x 1.1890 = Rs. 23,780
Suppose he chooses to defer this payment by 52 months. He would be eligible to a factor of 1.2340.
He would now get: Rs. 20,000 x 1.2340 = Rs. 24,680
Similarly, he could choose to defer any of the 3 Survival Benefit tranches till the end of the policy term and avail a higher payout. This could be useful to those who want a lumpsum payment at the end of the policy term.
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