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Vision Endowment Plan
Introduction/Overview Vision Endowment Plan is a traditional Endowment Plan which aims to facilitate savings to build a strong corpus for future requirements and also provide life insurance benefits. Key Features It is a participating plan with limited premium payment option There is an inbuilt Accidental Benefit Rider Simple reversionary bonus, Interim Bonus and terminal bonus add to the corpus
Product Specification
Details About Premium Annual premium in Rupees for a 35 year old male with a term of 20 years and PPT of 10 years Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 2 / 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = (GSV % of Premiums paid + GSV% of vested Bonuses) 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 with a minimum amount of Rs.5000 and maximum of 85% of the Surrender Value Additional Features or Riders Rebates in premium for choosing annual and semi-annual mode @ 5% and 2% respectively High SA rebates are also allowed Waiver of Premium Rider is also available under the plan Exclusions In case of suicide committed within 12 months of policy inception or revival only the premiums paid or the Surrender Value is refunded In case of accidental benefit rider, accidents due to service in the army, self-inflicted injury, alcohol abuse, aviation, acts of criminal nature, war or terrorism, participating in hazardous activities, etc. are excluded
Benefits
On death of the policyholder, SA on death + accrued reversionary bonuses + Terminal Bonus, if any, is paid SA on death is the higher of the basic SA or Maturity SA or 10 times the annual premium subject to a minimum of 105% of all premiums paid till death An Additional benefit equal to the SA is paid in case of accidental death On Maturity, the Maturity Sum Assured + accrued Reversionary Bonuses and Terminal Bonus is paid to the policyholder Maturity Sum Assured is the aggregate premiums paid throughout the policy term 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. Universal Sompo Saral Suraksha Bima Insurance Plan