Exide Life Secured Income Insurance RP
ING Secured Income Insurance RP is an endowment policy. This is a Regular Premium Traditional Plan with Bonus Facility.
Key Features
- Base
- Economy
There are 4 Additional Rider available with this plan
- Accidental Death Benefit Rider
- Accidental Death, Disability and Dismemberment Benefit
- Term Rider
- Critical Illness Rider
Benefits
In case of death of the Life Insured within the policy tenure, the nominee receives
- Under Base Option: Sum Assured + Family Income Benefit + Vested Bonus + Terminal Bonus
- Under Economy Option: Sum Assured + Vested Bonus + Terminal Bonus
At the maturity of the policy, the insured will get Sum Assured + Vested Bonus + Terminal Bonus
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
How it works
In this plan premium needs to be paid till the end of the Policy Tenure. There are 2 options under this plan- Base and Economy. At the end of the Policy Tenure, the Maturity Benefit that is provided to the Life Insured is Sum Assured + Vested Bonus + Terminal Bonus.
However, if the Life Insured dies within the Policy Tenure, under Base option (Sum Assured + Family Income benefit + Vested Bonus + Terminal Bonus) is provided as Death Benefit and under Economy Option (Sum Assured + Vested Bonus + Terminal Bonus) is provided as Death Benefit to the nominee.
The Base Option has Family Income Benefit, i.e. 2% of the Sum Assured will be paid every month for 5 years following the death of the Life Insured. Hence a total benefit of 120% of Sum Assured would be paid out as Family Income Benefit if death of the Life Insured occurs within the Policy Tenure under Base Option.
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | - | 50,00,000 |
Policy Term (in years) | 10 | 30 |
Premium Payment Term (in years) | Equal to PT | |
Entry Age of Policyholder | 0 | 60 – Age at Entry |
Age at Maturity | 18 | 70 |
Single premium (in Rs.) | NA | |
Payment modes | Yearly, Half-yearly or Monthly | |
Minimum Annual Premium Amount | 12,000 | Base Option: No Limit
Economy Option: 12,000 |
FAQs
If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future Bonuses and the policy is converted to a reduced Paid Up Value.
The Policy can however be reinstated within 5 years from the date of first unpaid premium.
You can surrender your plan after 3 full years’ premiums have been paid.
Surrender Value= 30% or 50% of the Total premiums paid (depending upon the type of Plan Chosen, Base or Economy and duration of premiums paid)
This plan is also eligible for Special Surrender Value = (Total Number of Premiums Paid/Total Number of Premiums Payable) X Sum Assured of base Policy + Accumulated Bonuses, if any.
Loan facility is available under this policy after 3 policy years