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Jeevan Akshay Plans
The Jeevan Ashray Plan is a traditional savings and investment plan. With its affordable premiums, flexibility of premium payment terms and payment modes, this insurance plan is suited for every budget. Those unable to invest in huge sums of money will find that they can still provide protection for their family in case of their demise, as well as ensuring the growth of their savings.
Benefits
Maturity Benefit is paid if the person whose life is insured is alive when the policy matures, he or she receives the Guaranteed Maturity Benefit. The Guaranteed Maturity Benefit is 115% of the Basic Sum Assured for a policy term of 15 years and 120% of the Basic Sum Assured for a policy term of 20 years. In the event of the passing away of the person insured, the nominee receives the Death Sum Assured, which is the Death Benefit. Tax benefits are available on the premium paid and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.
Key Features
The policy provides its customers with a choice to pay their premiums throughout the policy term or for a limited period of ten or fifteen years. The policyholder may choose to pay the premiums via monthly, quarterly, half-yearly or yearly modes, as per their convenience. Maturity and Death Benefits are available in this plan, thus offering financial protection and benefits for both the policyholders and their families. The policy premiums are affordable, with a minimum premium of Rs. 9144 per year.
Product Specification
Policy Details Details About Premium Sample illustration for a healthy 30 year old individual. 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. This timeframe is reduced to 15 days if payments are being done on a monthly basis. Lapse: Failure to pay three years of due premiums within the Grace Period will result in the policy lapsing. The life cover will cease and no benefits are payable once the policy has lapsed. Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. Termination occurs on the earliest of the following: on payment of the Surrender Benefit, or Death Benefit or Maturity Benefit. It is also terminated on being lapsed by non-payment of three years of premiums and not being revived within the Revival Period. Free Look Period: A limited free look period of 15 days from the date of receiving policy documents is allowed to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing mode.
Documents Required
The policyholder has to fill up an `Application form with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.
Jeevan Akshay Plans
The Jeevan Ashray Plan is a traditional savings and investment plan. With its affordable premiums, flexibility of premium payment terms and payment modes, this insurance plan is suited for every budget. Those unable to invest in huge sums of money will find that they can still provide protection for their family in case of their demise, as well as ensuring the growth of their savings.
Benefits
Maturity Benefit is paid if the person whose life is insured is alive when the policy matures, he or she receives the Guaranteed Maturity Benefit. The Guaranteed Maturity Benefit is 115% of the Basic Sum Assured for a policy term of 15 years and 120% of the Basic Sum Assured for a policy term of 20 years. In the event of the passing away of the person insured, the nominee receives the Death Sum Assured, which is the Death Benefit. Tax benefits are available on the premium paid and Maturity Benefits as per sections 80(C) and 10 (10D) of the Income Tax Act.
Key Features
The policy provides its customers with a choice to pay their premiums throughout the policy term or for a limited period of ten or fifteen years. The policyholder may choose to pay the premiums via monthly, quarterly, half-yearly or yearly modes, as per their convenience. Maturity and Death Benefits are available in this plan, thus offering financial protection and benefits for both the policyholders and their families. The policy premiums are affordable, with a minimum premium of Rs. 9144 per year.
Product Specification
Policy Details Details About Premium Sample illustration for a healthy 30 year old individual. 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. This timeframe is reduced to 15 days if payments are being done on a monthly basis. Lapse: Failure to pay three years of due premiums within the Grace Period will result in the policy lapsing. The life cover will cease and no benefits are payable once the policy has lapsed. Policy Termination or Surrender Benefit: This policy acquires Surrender Value on the completion of three full policy years with the provision that all premiums were paid. Termination occurs on the earliest of the following: on payment of the Surrender Benefit, or Death Benefit or Maturity Benefit. It is also terminated on being lapsed by non-payment of three years of premiums and not being revived within the Revival Period. Free Look Period: A limited free look period of 15 days from the date of receiving policy documents is allowed to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing mode.
Documents Required
The policyholder has to fill up an `Application form with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof.