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Care Plus Classic plan is a vanilla term plan which encourages policyholders to take large sum assured by providing large sum assured rebates. In this plan, like any other term plan, the nominee would get paid if the life insured dies within the policy term and nothing is payable on maturity. There are 2 versions of the Care Plus Plan- Classic and Premier, where the Classic version is for comparatively lower sum assured than the Premier version.
Death Benefit – In case of death of the policy holder, the nominee gets the sum assured as death benefit.
Maturity Benefit – There is no maturity benefit under this plan.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1, 00,000 are allowed as a deduction from the taxable income each year under section 80C
|
|
Minimum |
Maximum |
|
Sum Assured (in Rs.) |
10,00,000 |
24,99,999 |
|
Policy Term (in years) |
5 |
30 |
|
Premium Payment Term (in years) |
Equal to Policy Term |
Equal to Policy Term |
|
Entry Age of Policyholder (in years) |
18 |
60 |
|
Age at Maturity |
NA |
65 |
|
Single premium |
NA |
NA |
|
Payment modes |
Annual, Semi-Annual, Quarterly and Monthly |
|
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 15 lakhs and Policy Term = 25 years
Riders – There are 3 riders available in this policy
· Accidental Death Benefit rider
· Accelerated Critical Illness rider
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will stop after the grace period ends. You can however revive the policy within 3 years from the first unpaid premium.
You want to surrender the policy – There is no surrender options available under this plan.
You want a loan against your policy – Loan facility is not available under this policy.
