“IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER”
It is a unit linked Endowment plan where the premium payment term (PPT) is limited to single lump sum, or uniformly over 3, 4 or 5 years. You can choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Limited premium contract, term chosen and on the level of premium you agree to pay.
Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
1.Payment of Premiums: You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (through ECS mode only) intervals over the premium paying term of 3, 4 or 5 years. Alternatively, a Single premium can be paid .
2 . Eligibility Conditions and Other Restrictions:
||Minimum Age at entry
||- 0 (age last birthday)
||Maximum Age at entry
||- 65 years (age nearer birthday)
||Minimum Maturity Age
||- 18 years (completed)
||Maximum Maturity Age
||75 years nearest birthday
|| Policy Term
||- For premium paying term 3 and 4 yrs: [10 to 20] years
|| For premium paying term 5 yrs: [10, 15 to 20] years
|| For single premium: [5 to 20] years
||- Rs. [15,000] p.a. for Limited premium Paying Term policies (other than monthly )
|| (ECS) mode
||- Rs. [1,500] p.m. for monthly (ECS) mode
||- Rs. [40,000] p.a. for Single premium policies
|| Sum Assured under the Basic Plan
|| Regular premium : 5 times the annualized premium
|| Single Premium :
Minimum Sum assured :
1.25 times the single premium.
Maximum Sum assured :
If Critical Illness Benefit Rider is opted for:
5 times the Single premium if age at maturity is upto 55 years.
3 times the Single premium if age at maturity is 56 to 60 years.
If Critical Illness Benefit Rider is not opted for:
5 times the Single premium if age at maturity is upto 65 years.
3 times the Single premium if age at maturity is 66 to 70 years.
2.5 times the Single premium if age at maturity is 71 years and above.
Where the minimum Sum Assured is not in the multiples of Rs. 5,000, it will be rounded off to the next multiple of Rs. 5,000. Annualized Premiums shall be payable in multiple of Rs. 1,000 for other than ECS monthly. For monthly (ECS), the premium shall in multiples of Rs. 250/-.
Commencement of risk in case of minor:
Risk will commence either after 2 years from the date of commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 7 years of age, whichever is later in case the age at entry of the life assured is less than or equal to 10 years. Where the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. In case of minors aged 12 years or more risk will commence immediately.
3. Other Features:
i) Partial Withdrawals: Youmay encash the units partially after the third policy anniversary subject to the following:
- In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
- Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
- For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
- Under Limited Premium Paying Term policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
- Under Limited Premium Paying Term policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to Policyholder’s Fund Value being at least Rs. 10000/-.
- Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/- in the Policyholder’s Fund Value.
ii) Switching: You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any.
iii) Discontinuance of premiums: If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.
I) Where atleast 3 years’ premiums have been paid, the Life Cover, Accident Benefit and Critical Illness Benefit riders, if any, shall continue during the revival period.
During this period, the charges for Mortality, Accident Benefit and / or Critical Illness Benefit cover, if any, shall be taken, in addition to other charges, by cancel