Plan Type | Unique Identification Number (UIN) |
Term Insurance | 122N021V02 |
Parameter | Values |
Entry Age | 18 to 45 years |
Policy Term | 5 & 10 years |
Premium Payment Frequency | Annually & Single |
Minimum Sum Assured | Rs. 25,000 for Single Premium Rs. 30,000 for Annual Premium |
Maximum Sum Assured | Rs. 50,000 |
Entry Age | 18 to 45 years |
Maximum Age at Maturity | 50 years for 5 year policy term 55 years for 10 year policy term |
Death Benefit - Sum Assured is paid to the nominee in case of policyholder’s death. In case of accidental death, double the sum assured is paid to the nominee.
Free-look Period - In case you want to return the policy after purchase, you can do so within 15 days of receiving the policy document. Your money will be refunded after deducting the stamp duty charges.
Tax Benefits - Premiums paid and the Death Benefit are tax free under Section 80C and Section 10 (10D) as per the current Income Tax Laws.
Loan - No loan is provided against this plan.
Revival - In case a policy has lapsed due to non-payment of dues, it may be revived within 5 years of the 1st unpaid premiums by paying all premiums and subject to underwriting conditions.
If a 35 year old takes cover of Rs. 30,000 the premiums that will be payable are as follows.
Parameter | Annual Premium | Single Premium |
Policy Term = 5 years | Rs. 210 | Rs. 780 |
Policy Term 10 5 years | Rs. 210 | Rs. 1,260 |
As you can see, this is a low cost plan meant for small covers too.
In case you have any questions on this plan, please drop a comment and we will get back with our inputs.