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Classic Assure Plus Plan
ClassicAssure Plus Plan is a traditional Endowment Plan with bonus feature to provide a strong corpus for the future and also provide life insurance coverage for protection purpose. Key Features It is a participating plan with limited premium payment option Guaranteed Reversionary Bonus expressed as a % of Sum Assured @ 3% is added during the PPT Simple reversionary bonus and Terminal Bonus increase the corpus.
Classic Assure Plus Plan FAQs
ClassicAssure Plus Plan is a traditional Endowment Plan with bonus feature to provide a strong corpus for the future and also provide life insurance coverage for protection purpose. Key Features It is a participating plan with limited premium payment option Guaranteed Reversionary Bonus expressed as a % of Sum Assured @ 3% is added during the PPT Simple reversionary bonus and Terminal Bonus increase the corpus.
Product Specification
Details About Premium Annual premium in Rupees for a SA of 1 lakh and PPT 10 years Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly modes and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 or 3 full years premiums has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = GSV Factor * cumulative annual premiums paid including the GSV of vested bonuses 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. Additional Features or Riders High SA rebates for coverage of 10 lakhs and above @ 5% of the basic premium Inclusions Loan is available under the plan @ 80% of the Surrender Value Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Benefits
On maturity, the Sum Assured and accrued bonuses is paid including Terminal Bonus, if any On death of the policyholder , higher of the SA or 10 times the annual premium or 105% of the total premiums paid is payable Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
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.