Policy Details Grace Period: no application of grace period in single pay plans Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Partial withdrawals are allowed every year after 5 completed policy years with a minimum value of Rs.5,000 Switches are allowed every year for switching between funds Top-ups can be done through single premiums of a minimum of 5000 The top-up will increase the Sum Assured where the top-up SA will be 1.25 the top-up premium if age<45 yrs. or 1.10 times the top-up premium if age Exclusions The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.
Policyholder has to fill up an `Application form/ proposal form with accurate medical history and submit KYC documents.
Guaranteed Additions are expressed as a % of average Fund Value in the last 12 months and accrue @ 0.25% in the 6th-10th year and 0.60% form the 11th year onwards The insured will get the total Fund Value on Maturity which also includes top-up Fund Value and Guaranteed Additions On death of the policyholder, higher of the Sum Assured net of partial withdrawals made 2 years prior to death or total Fund Value or Basic Fund Value is payable to the nominee if age attained was less than 60 years If age attained was equal to or more than 60 years, higher of Sum Assured net of partial withdrawals made after age 58 years or total Fund Value is payable The Sum Assured will include the top-up Sum Assured and the Fund Value will include the top-up Fund Value and Guaranteed Additions The minimum death benefit will be equal to 105% of all premiums paid till death Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Wealth Max Plan is a Unit Linked Insurance plan providing the dual benefit of capital appreciation through market participation and life insurance coverage. The plan is a single pay plan where premium once paid accumulates at market returns.
