Guaranteed Wealth Preserver Plan
Introduction/Overview Guaranteed Wealth Preserver is a traditional savings plan with a one- time investment which yields guaranteed benefits to provide investment growth and also gives life insurance coverage Key Features It is a non-participating plan with Single premium payment option The plan promises guaranteed Maturity benefits and death benefits
On death, the death Sum Assured is payable which is higher of 125% of the Single Premium is age is less than 45 years or 110% of the Premium for ages equal to and above 45 years or the Sum Assured or Maturity Sum Assured The Sum Assured is calculated as 10 times the Single Premium Maturity Sum Assured is the Guaranteed Maturity Benefit which is calculated multiplying the guaranteed maturity benefit factor with the single premium paid On maturity, the Guaranteed Maturity Benefit is paid The guaranteed maturity benefit factor depends on the amount of premium paid, age and the policy term chosen Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.
Details About Premium
Details About Premium The corresponding Sum Assured for a Single Premium of 1 lakh Policy Details Grace Period: grace period is not applicable in single pay plans Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy whereupon the Surrender Value will be paid which will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV = GSV % of Single premium 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 Loan is available under the plan @ 80% of Surrender Value Additional Features or Riders The plan provides the option of 3 riders for a comprehensive coverage: Accident Benefit Rider Family Income Benefit Rider Shriram Critical Illness Cover Rider Exclusions In case of suicide within 12 months of policy inception 80% of the premium paid or the Surrender Value will be returned
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and necessary KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.