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Secure Investment Plan
Introduction/Overview Secure Investment Plan is a traditional savings plan with a one- time investment which yields great benefits to provide for the policyholders secured future Key Features It is a non-participating plan with Single premium payment option The plan promises guaranteed Maturity benefits.
Details About Premium
Details About Premium Premium in Rupees and the corresponding Sum Assured Policy Details Grace Period: grace period is not applicable in single pay plans Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy whereupon the Surrender Value will be paid which will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV = GSV % of Single premium 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. Inclusions Loan is available under the plan @ 90% of Surrender Value Exclusions In case of suicide within 12 months of policy inception 80% of the single premium paid will be paid.
Benefits
On death, the Sum Assured on death is payable which is higher of 125% of the Single Premium is age is less than 45 years or 110% of the Premium for ages equal to and above 45 years or the Guaranteed Maturity Benefit On maturity, the Guaranteed Maturity Benefit is paid which is calculated multiplying the guaranteed maturity benefit factor with the single premium paid The guaranteed maturity benefit factor depends on the amount of premium paid, age and the policy term chosen Income tax benefit on the premium paid as per Section 80C and on claims received as per Section 10(10D) of the Income Tax Act.