A traditional money back plan providing periodic money-back benefits in the older ages to take care of expenses post retirement. The features and benefits of the plan are as follows: The plan participates in the profits of the company by way of earning bonuses and premiums under the plan are required to be paid for a limited tenure. Bonuses under the plan start to accrue from the end of the 2nd policy year and the bonus can be availed in 3 different options called Purchase Paid-up Additions, Paid in Cash and Premium Offset. Under the first bonus option called Purchase Paid-up Additions, the bonus can be used to increase the Sum Assured. The increased Sum Assured will also be eligible to earn future bonuses. Under the Paid in Cash option, the bonus which accrues is paid to the policyholder in cash every year Under the third option of Premium Offset, the earned bonus can be used to adjust against subsequent premiums. Survival benefits under the plan start to accrue once the insured attains 61 years of age @7.5% of the Guaranteed Maturity Sum Assured and continues for 15 years thereafter. On maturity, the Guaranteed Maturity Sum Assured including the accrued Paid-up Additions and any Terminal Bonus is paid to the policyholder. If the insured dies during the tenure of the plan, the Guaranteed Death Benefit along with the accrued Paid-up Additions and any Terminal Bonus is paid to the nominee In case the insured is diagnosed with any terminal illness, an immediate payment equivalent to 50% of the Guaranteed Maturity Sum Assured is paid to him and the plan continues. The amount paid is later adjusted from any maturity or death benefit payable. The Guaranteed Death Benefit is defined as higher of 11 times the annual premium or 105% of the total premiums paid till the date of death or the Guaranteed Maturity Sum Assured chosen at the time of inception of the plan. The plan can be customized by availing Max Life Payor Rider with enhanced protection features. Eligibility Details Applying for a Pension Plan from the company: The company offers specific plans which are available online only. The customer only needs to log into the companys website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued Intermediaries Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process. Applying For Pension Plans through PolicyBazaar On the PolicyBazaar homepage, click on Retirement under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan.
