Product Specification-bima-advantage-plus-plan

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, without interest. Policy Termination or Surrender Benefit: The policy may be surrendered any time during the policy period. The Surrender Value is the Fund Value minus the Discontinuance Charge, if any. If the policy is surrendered before the completion of five policy years then the insurance cover ceases and the Surrender Value equal to Fund Value minus Discontinuation Charge will be kept in the Discontinued Fund of the policy. If surrender of the policy happens after completing five policy years, the insurance cover ceases, the Surrender Value is paid immediately and the policy is terminated. Termination occurs on payment of the Death Benefit or Maturity Benefit. Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days in case the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the fund value as on the date of cancellation plus non-allocated premium plus charges levied by cancellation of units 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 With the Settlement option, the policyholder can opt to receive the maturity benefit in periodical payments for five years after the date of maturity rather than as a lump sum. Additional Features or Riders There are two additional riders available with this policy, which are: The Future Generali Linked Accidental Death Rider The Future Generali Linked Accidental Total and Permanent Disability Rider The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid premium. Various charges apply to this policy. They are as follows: Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder A Policy Administration Charge that is deducted monthly by cancellation of units up to a maximum of Rs. 6000 per annum. Fund Management Charges are deducted on a daily basis and is deducted by adjusting the NAV. There is a Discontinuance Charge for discontinuing the policy before the end of the policy term. At the beginning of each month, Mortality Charges are deducted, based on the sum at risk. Switching Charge – Twelve free switches are allowed in a single policy year. Each subsequent switch is charged at Rs. 100. Partial Withdrawal Charge – This policy allows six partial withdrawals free of cost in a policy year. For subsequent withdrawals, there is a charge Rs. 200 per withdrawal. Miscellaneous Charges are levied for any changes made to the policy contract such as premium redirection or decrease in the sum assured. Exclusions The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover or reinstatement. The company will refund only the Fund Value, as Death Benefit.