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Cash Income Plan
Cash Income Plan is a traditional Whole life plan which provides guaranteed benefits, monthly cash inflows in the golden years and also life insurance protection till age 100 years.
Benefits
A regular annual payout payable monthly equal to one annual premium is paid form the 21st policy year which increases by 6% simple interest p.a. and stops in the 40th year At the end of the 40th year 150% or 120% or 100% of the SA is paid corresponding to entry ages of 91 days to 20 yrs., 21-40 yrs. and 41-50 yrs. respectively If the policyholder survives till maturity, i.e. till age 100 years, another 100% of the SA is paid On death higher of 10 times the annual premium or 105% of all premiums paid or Minimum Guaranteed SA on Maturity or absolute amount assured to be paid on death is payable The absolute amount depends on the policy year of death and expressed as a % of SA If the life assures is less than 5 years, risk starts 1 yr. 11 months post commencement and death benefit payable will be 105% of all premiums paid till the attained age is 5 years Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
Key Features
This plan is a non-participating traditional Whole life plan with limited premium payment term The individual is covered up to age 100 years The plan promises Survival Benefits and Death Benefit Survival Benefits comprise of Cash Back, lumps um payout and Maturity Benefit
Product Specification
Policy Details Grace Period: 30 days grace period is allowed for premium payment in all modes Policy Termination or Surrender Benefit: the policy can be surrendered anytime if 3 full years premiums have been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) GSV = % of all Premiums paid – Survival Benefits already paid 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 The policy provides loan facility of up to 90% of the Surrender value
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. Edelweiss Tokio Life launches My Life+