WHOLE LIFE – SINGLE PREMIUM
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  • Features

  • Benefits
    • Text Box: Product summary This is a whole of life assurance plan that provides financial protection against death through out the lifetime of the Life Assured. Premiums: Under Table Nos 2 & 5 the premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you. Under Table No 8 the premium is payable in one lump sum (Single Premium). Under Table No 2 the premiums are payable for a period of 35 years or up to age 80 years, whichever is later. Under Table No 5 the premiums are payable up to the selected premium paying period. Under Table No 2 the premiums are payable for a period of 35 years or up to age 80 years, whichever is later. Under Table No 5 the premiums are payable up to the selected premium paying period. The premiums are payable for the periods as specified above or up to earlier death Bonuses: This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period. Death Benefit : The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured. Maturity Benefit : This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age. Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits. Surrender Value : Buying a life insurance contract is a long-term commitment. However, surrender value is available under the plan on earlier termination of the plan. Guaranteed Surrender Value : The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra/additional premium. Corporation’s policy on surrenders : In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premiums paid. The Corporation reviews the surrender value payable under its plans from time to time depending on the economic environment, experience and other factors. SURVIVAL BENEFIT Sum assured plus accrued bonuses and the terminal bonuses, if any, on the policyholder attaining age 80 years or on expiry of term of 40 years from the date of commencement of the policy whichever is later. DEATH BENEFIT Sum assured plus accrued bonuses and the terminal bonuses, if any, on the death of the policyholder are paid to his/her nominees/heirs
    BENEFITS
    Text Box: This is the best form of life assurance for family provision since it enables the Life Assured to pay the premium during the ordinarily vigorous and most productive years of life, relieving him from the necessity of making payments later in life when they might become a burden. With Profits Single Premium policies do not cease to participate in profits after completion of the period for which premium has been paid ,but continue to share in the periodical Bonus Distribution until the death of the Life Assured. Suitable For: Being a limited-payment life assurance policy, this plan is suitable for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
    FEATURES
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    MoneyVriksh.com

    Insurance Helpline-

    0-9818716151

    Mutual Fund Helpline-

    0-9910311120

     

    Minimum

    Maximum

    Entry Age

    12

    (nearer Birthday)

    60

    Sum Assured (Rs.)

    30,000/-

    No Limit

    Term (years)

    NA

    NA