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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. ING Vysya Life Insurance gets Rechristened to Exide Life Insurance
Regular Guaranteed Income @ 11%-13% of the SA is paid depending on the premium amount and PPT chosen The income is paid annually or monthly after the completion of the PPT On Maturity, Sum Assured is paid along with the last instalment of the Guaranteed Income On death, Guaranteed Death is payable Guaranteed Death Benefit is higher of Sum Assured or 10 times the annual premium or 105% of all premiums paid till death The nominee can choose to take 100% of the death benefit in lump sum or 50% in lump sum and 60% in instalments under the Family Income Benefit option Under the Family Income Benefit, 60% of the Guaranteed Death Benefit will be paid in equal monthly instalments for 60 months post death Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
Details About Premium Annual premium in Rupees for a SA of 1 lakh Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in other modes Policy Termination or Surrender Benefit: the policy can be surrendered if at least 1 full years premium has been paid. The Surrender value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) GSV = (% of all Premiums 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 after the policy acquires a Surrender Value with a minimum amount of Rs.1000 Additional Features or Riders If the insured is less than 12 years of age, the cover starts after 2 years and premiums paid are returned if death occurs within the lien period The payout frequency can be interchanged between annual and monthly mode Exclusions In case of suicide within 12 months from inception 80% of premiums paid are returned and within12 months of revival, higher of 80% of premiums paid or the acquired Surrender Value is payable
Introduction/Overview Guaranteed Income Insurance Plan is a traditional savings plan which gives the triple benefit of savings, regular incomes and life insurance coverage. Key Features This plan is a non-participating plan with Limited Pay premium payment option The PPT is limited to half of the term after which the Payout period starts which is guaranteed Death benefit can be either taken wholly in lump sum or partly in lump sum and partly in monthly instalments