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Super Endowment Plan
Introduction/Overview Super Endowment Plan is a traditional Endowment Plan with premium payment limited to half of policy term. It provides the dual benefit of savings and life coverage Key Features It is a traditional Endowment plan with limited premium payment option Premium payment term is half of policy term
Product Specification
Details About Premium Annual premium in Rupees for SA of 1 lakh 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 plan after 3 full policy years provided the first years premium is paid in full. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV = (GSV Factor for premiums * total premiums paid) SSV = (SSV Factor * Paid-up Sum Assured 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 The policy provides loan @ 80% of Surrender Value Additional Features or Riders There is a high Sum Assured discount for coverages above 2.5 lakhs Exclusions If suicide is committed within 12 months of policy commencement, 80% of premiums paid are refundable and if committed within 12 months of policy reinstatement, higher of 80% of premiums paid or acquired Surrender Value is payable
Benefits
On Maturity the Guaranteed Sum Assured is payable On death, the nominee gets higher of the basic SA or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death Income tax benefit on the premium paid as per Section 80C and on the claim 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 required KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person. ICICI Prudential Child Insurance