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Maha Life Supreme Plan
Introduction/Overview Maha Life Supreme is a non-participating Endowment Assurance plan with a limited premium payment term. Under the plan the policyholder gets regular annual income after the premium payment term to provide liquidity for future needs along with the protection feature in terms of life coverage. Key Features There are 2 options A and B with different premium payment terms and corresponding terms for guaranteed income payout It is a limited payment plan where the payment term is fixed for both the options The Sum Assured is determined on the basis of annual premium Both maturity and death benefit is paid under the plan.
Details About Premium
Details About Premium Guaranteed Annual Income in Rupees Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy if two full years premium has been paid. The Surrender Value is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) GSV = (GSV Factor * total premiums paid) – Survival benefit already paid SSV = SSV Factor * [{maturity benefit + total Guaranteed income payable *minimum number of premiums paid/number of premiums payable} – survival benefits already 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. Exclusions In case of suicide within 12 months of policy inception, only the total premium paid is payable and in case of suicide within 12 months of reinstatement, higher of the total premiums paid or the acquired Surrender Value is payable
Maha Life Supreme Plan Benefits
The Guaranteed Annual Income is paid as a % of Sum Assured and depends on the option chosen and the Premium range. The payout structure is as follows: On maturity, a sum calculated as {140%-(0.1%*Entry Age)}* Basic Sum Assured is paid under Option A and {120%-(0.1%*Entry Age)}*Basic Sum Assured is paid under Option B along with the last instalment of the Guaranteed income On death, Sum Assured is paid which is higher of 150% or 130% of the basic SA(based on the option chosen)/105% of the total premiums paid/maturity SA Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Maha Life Supreme Plan
Introduction/Overview Maha Life Supreme is a non-participating Endowment Assurance plan with a limited premium payment term. Under the plan the policyholder gets regular annual income after the premium payment term to provide liquidity for future needs along with the protection feature in terms of life coverage. Key Features There are 2 options A and B with different premium payment terms and corresponding terms for guaranteed income payout It is a limited payment plan where the payment term is fixed for both the options The Sum Assured is determined on the basis of annual premium Both maturity and death benefit is paid under the plan.
Details About Premium
Details About Premium Guaranteed Annual Income in Rupees Policy Details Grace Period: 15 days grace period is allowed for payment of premium in monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy if two full years premium has been paid. The Surrender Value is higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV) GSV = (GSV Factor * total premiums paid) – Survival benefit already paid SSV = SSV Factor * [{maturity benefit + total Guaranteed income payable *minimum number of premiums paid/number of premiums payable} – survival benefits already 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. Exclusions In case of suicide within 12 months of policy inception, only the total premium paid is payable and in case of suicide within 12 months of reinstatement, higher of the total premiums paid or the acquired Surrender Value is payable
Maha Life Supreme Plan Benefits
The Guaranteed Annual Income is paid as a % of Sum Assured and depends on the option chosen and the Premium range. The payout structure is as follows: On maturity, a sum calculated as {140%-(0.1%*Entry Age)}* Basic Sum Assured is paid under Option A and {120%-(0.1%*Entry Age)}*Basic Sum Assured is paid under Option B along with the last instalment of the Guaranteed income On death, Sum Assured is paid which is higher of 150% or 130% of the basic SA(based on the option chosen)/105% of the total premiums paid/maturity SA Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.