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Premier Endowment Insurance Plan
Introduction/Overview Premier Endowment Insurance Plan is a traditional Endowment Assurance Plan which facilitates savings while at the same time providing life insurance benefits. Key Features It is a participating plan with Single pay, regular pay and limited pay premium payment option Guaranteed Additions are added during the Premium Paying Term (known as PPT)
Product Specification
Details About Premium Annual premium in Rupees and Benefit Illustration for a male aged 35 years Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in other modes. If the policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: the policy acquires a Surrender Value if 2 / 3 full years premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = (GSV% * total premiums paid) + (GSV % * Accrued bonuses + accrued Guaranteed Additions) 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. Inclusions Loan is available under the plan after 3 full years premiums have been paid subject to a minimum of Rs.5000 and maximum of 60% of the Surrender Value Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Benefits
Guaranteed Additions @ 5% of the SA are added during the PPT On the death of the policyholder, Sum Assured on death + accrued Guaranteed Additions + vested Bonuses are paid to the policyholder subject to a minimum of 105% of all premiums paid SA on death for limited and regular pay plans is higher of 10 times the annual premium paid or SA chosen. In case of Single Pay plans, higher of 1.25 times the premium or SA if age is less than 45 years or higher of 1.10 times the premium or SA if age is greater than equal to 45 years is paid On Maturity, 100% of the SA + accrued Guaranteed Additions + Accrued vested bonuses + Terminal Bonus, if any is paid Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
Premier Endowment Insurance Plan
Introduction/Overview Premier Endowment Insurance Plan is a traditional Endowment Assurance Plan which facilitates savings while at the same time providing life insurance benefits. Key Features It is a participating plan with Single pay, regular pay and limited pay premium payment option Guaranteed Additions are added during the Premium Paying Term (known as PPT)
Product Specification
Details About Premium Annual premium in Rupees and Benefit Illustration for a male aged 35 years Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in other modes. If the policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: the policy acquires a Surrender Value if 2 / 3 full years premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = (GSV% * total premiums paid) + (GSV % * Accrued bonuses + accrued Guaranteed Additions) 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. Inclusions Loan is available under the plan after 3 full years premiums have been paid subject to a minimum of Rs.5000 and maximum of 60% of the Surrender Value Exclusions In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Benefits
Guaranteed Additions @ 5% of the SA are added during the PPT On the death of the policyholder, Sum Assured on death + accrued Guaranteed Additions + vested Bonuses are paid to the policyholder subject to a minimum of 105% of all premiums paid SA on death for limited and regular pay plans is higher of 10 times the annual premium paid or SA chosen. In case of Single Pay plans, higher of 1.25 times the premium or SA if age is less than 45 years or higher of 1.10 times the premium or SA if age is greater than equal to 45 years is paid On Maturity, 100% of the SA + accrued Guaranteed Additions + Accrued vested bonuses + Terminal Bonus, if any is paid Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.