This policy not only makes provisions for
the family of the Life Assured in event
of his early death but also assures a lump
sum at a desired age. The lump sum can be
reinvested to provide an annuity during
the remainder of his life or in any other
way considered suitable at that time.
- Moderate Premiums
- High bonus
- High liquidity
- Savings oriented.
Premiums are usually payable for the selected
term of years or until death if it occurs
during the term period.
Being an endowment assurance policy,
this plan is apt for people of of all ages
and social groups who wish to protect their
families from a financial setback that may
occur owing to their demise.
The amount assured if not paid by reason
of his death earlier will payable at the
end of the endowment term where it can be
invested in an annuity provision for the
rest of the policyholder's life or in any
other way he may think most suitable at
In case policy holder becomes totally
and permanently disabled due to an accident
before reaching the age of 70 and the policy
is in full force, he will not be required
to pay further premiums, (the Disability
Benefit is available in respect of the first
Rs.20,000 sum assured on any one life) and
the policy will continue to be in force.
By paying a small extra premium of Rs.1
per Rs.1000/- sum assured per year he or
his family are entitled to the following
benefits on death or permanent disability
caused by accident. Even students above
the age of 18 years can avail of this benefit.
If payment of premiums ceases after at least
THREE years' premiums have been paid , a
free paid-up policy for a reduced sum assured
will be automatically secured provided the
reduced sum assured, exclusive of any attached
bonus, is not less than Rs. 250/-. The reduced
sum assured will become payable on the event
as stipulated in the policy.Is there anything extra payable besides
the sum assured at the time of claim settlement?
Yes, but only if it is a ‘with profits’
policy. Every year the Life Insurance Corporation
distributes its surplus among policyholder
to ‘with profits’ polices in
the form of bonuses. Substantial bonuses
have been declared in the past after each
valuation of policy liabilities.