Details About Premium
Details About Premium Premium in rupees and benefit illustration Guaranteed Wealth Protector – Policy Details Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes during which the insured can clear all due. Failing the payment of premium will result in policy lapse. Policy Termination or Surrender Benefit: The insured can surrender the policy once the 5 years of the policy is completed. If you surrender before the completion of 5 years, the fund value will be transferred to the discontinued policy fund. However, the discontinuation charge will be deducted from the fund value. In the discontinued policy fund, your money will be earning minimum 4% per annum growth. Once the 5 year of the policy is completed the fund value in discontinuation policy fund will be paid to the insured. After completion of 5 years, if the policy is surrender then the total fund value on the date will be paid to the insured without any charges. Free Look Period: A 15-days free look period is offered to the insured from the date of policy issuance in which they can cancel the policy, if not willing to continue with its terms and conditions. Once the policy is canceled, the policyholder receives the premium of the policy after deducting the proportionate premium for the risk borne by the company. The Sum Assured can be increased or decreased under the Limited Pay option subject to certain terms and conditions. Exclusions The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date. In case the Sum Assured is increased, the increased amount will not be applicable for suicide cases.
The insured will get higher of the total fund value including loyalty additions and wealth boosters or the assured benefit on maturity. The assured benefit will be equal to 101% of single pay or 101% of all premiums paid under the Limited pay option. On death, higher of the sum assured or minimum death benefit or fund value is payable. Minimum death benefit is equal to 105% of all premiums paid till death plus loyalty additions are added from the 6th policy year at 0.25%. At the end of the 10th policy year wealth boosters are added to the fund value at 1.50% for single pay and 3.25% for limited pay options. All these additions are expressed as a percent of the average fund value over the last eight quarters. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Insurance holder has to apply an application form/ proposal form with correct medical history as well as 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. You may also like to read: ICICI Prudential ULIP Plans