- Single Premium Endowment Plan
- Life risk cover for the life insured
- Savings Oriented Plan
- Loan facility available after completing one policy year
- Moderate Premium, high bonus rate
Commencement of Risk
In case the age of Life Assured at entry is less than 8 years, risk under this plan will commence either 2 years from the date of commencement or from the policy anniversary coinciding with or immediately following the attainment of 8 years of age, whichever is earlier.For those aged 8 years or more, risk will commence immediately.
Benefits:
On Death before the commencement of risk
If the policy holder dies before the commencement of risk, the nominee will receive the single premium paid (excluding the service tax and extra premium).
On Death after the commencement of risk
If the policy holder dies before the commencement of risk, the nominee will receive following:
1. Basic Sum Assured
2. Revisionary Bonus
3. Final Additional Bonus (if any)
On Maturity
If the policy holder survives the term of the plan, he/she will receive:
1. Basic Sum Assured + Revisionary Bonus + Final Additional Bonus (if any)
Example
If any one at age of 25 Years with Sum Assured of 1,00,000 for the period of 20 years need to pay
Single Premium : 52,765/-
Sum Assured : 1,00,000/-
Tax benefit
She will only get a tax exemption of Rs 10,000/- (10% of sum assured) irrespective of the fact that she is paying premium of Rs 52,765/-
On Death
If policy holder dies during the policy term, her nominee will receive the sum assured along with the accrued bonuses.
1,00,000/- ( Sum Assured )
84,000/- ( Bonus accrued)
4,000/ -( Final Additional Bonus)
Total Around : 1,88,000/-
On Maturity
If policy holder survives the policy term the will receive the sum assured along with the accrued bonuses.
1,00,000/- ( Sum Assured )
84,000/- ( Bonus accrued)
4,000/ -( Final Additional Bonus)
Total Around : 1,88,000/-
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