Dhan Nirman insurance
Dhan Nirman is a savings and investment plan with bonus facility that gives guaranteed income for the financial needs of the policyholders. This policy helps policyholders to grow and expand their wealth safely while providing protection for the policyholder and his family. The policy even offers a discount on higher Sum Assured so that the policyholder receives comprehensive protection at a more affordable rate.
If the policyholder survives until the policy matures, he or she receives a Maturity Benefit. The Maturity Sum Assured is calculated as follows:- For PT of 18 years = 8 x Annual Premium For PT of 21 years = 7 x Annual Premium For PT of 25 years = 6 x Annual Premium For PT of 30 years = 5 x Annual Premium On survival until the end of the premium payment term, the policyholder receives a Survival Benefit that amounts to 150% of the Annual Premium on the policy anniversaries as mentioned: For PT of 18 years, Survival Benefit is received on the 14th to 17th policy anniversaries. For PT of 21 years, Survival Benefit is received on the 15th to 20th policy anniversaries. For PT of 25 years, Survival Benefit is received on the 16th to 24th policy anniversaries. For PT of 30 years, Survival Benefit is received on the 18th to 29th policy anniversaries. In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit. The Death Benefit paid is the highest of the following: Ten times the annual premiums paid, or 105% of the total premiums paid, or The Maturity Sum Assured, or The Sum Assured of the policy. The Simple Reversionary Bonus plus the Terminal Bonus as a percentage of the Sum Assured is also paid to the nominee. Large Sum Assured rebates are given on Sum Assured amounts of Rs. 500000 or more. Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act. This policy offers the advantage of Simple Reversionary Bonus and Terminal Bonus that are paid on maturity of the policy or as part of the Death Benefit.
Key Features
This policy gives guaranteed annual payouts after the end of the premium payment term. The policyholder receives a guaranteed lump sum payout at maturity. The policyholders savings grow with the Simple Reversionary Bonus that the policy offers starting from the end of the first policy year. Depending on the Sum Assured chosen by the policyholder, comprehensive protection is provided by the policy.
Details About Premium
Details About Premium Policy Details Grace period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues. This timeframe is reduced to fifteen days in case monthly premium payments. Policy Termination or Surrender Benefit: The policy may be surrendered after two years on the condition that all premiums have been paid. The Surrender Value that is paid is the higher of the Guaranteed Surrender Value and the Special Surrender Value. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Maturity benefit or the Death Benefit. Free Look Period: Policyholders have a limited free look period of thirty days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive premiums paid minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges. Inclusions Policyholders may change the premium payment mode at any policy anniversary, subject to a fee of Rs. 100. Provided all due premiums have been paid, the company will declare a Simple Reversionary Bonus, which is expressed as a percentage of the Sum Assured. The Reversionary Bonus and Terminal Bonus is payable on death or maturity of the policy.