The monthly income provided to the family up to 20 years.
The customer and his family receives tax benefit under section 80 (C) of the Income Tax Act.
Under TROP or Term with Return of Payments, by the end of the policy term if nothing has happened to the customer, he or she can take 110% all their premiums back.
The policy is flexible, allowing its members to tailor-make their plans according to their needs, from a choice of the desired monthly income to policy term length to the receipt or non-receipt of maturity benefits.
Details About Premium
Annual premium in Rupees
Grace Period: A grace period of 30 days from the due date of unpaid premium is permitted for the payment of premium without interest. If not paid within this timeframe, the policy will lapse and will be subject to the applicable non-forfeiture benefits.
Policy Termination or Surrender Benefit: Policy termination occurs on the payment of death benefit or the payment of maturity benefit if it is applicable. It will also be terminated on the payment of the last monthly income at the end of the benefit pay-out period; or on the date on which the policy is surrendered. Termination may occur on the completion of two years from the date that the policy had lapsed if the policy is not reinstated.
If the policyholder had chosen Pure term cover, then he or she receives zero surrender benefits. If, however, Term with Return of Premium cover had been selected then the surrender value is payable only if a minimum of three years worth of premiums had been paid from the start of the policy. GVS or Guaranteed Surrender Value is equal to a percentage of the total premiums paid. While SSV or Special Surrender Value is a percentage of the total premiums paid, which varies with the policy term and the year it is discontinued. The Special Surrender Value is always higher than the Guaranteed Surrender Value. However, it is subject to contemporary market conditions and is not guaranteed.
Free Look Period: The customer may choose to return the policy, as long as it is within a timeframe of 15 days of receiving the policy document. The premium will be returned, minus the proportionate premium for the time on the risk that the company has borne, as well as any stamp duty charges and any medical expenses for medical examination that the company has incurred.
Payment of premiums can be done on a yearly, half-yearly, monthly basis or through a Payroll Savings Program.
The policy offers five monthly income options of Rs. 10000, Rs. 25000, Rs. 50000, Rs. 75000 and Rs. 1000000.
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. Some cases may also require a medical examination based on the age of the person.
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