Guaranteed Additions accrue @ 3% (for term<20 yrs.) or 5% (for term>=20 yrs.)of SA in each of the first 5 policy years
Under the Aspiration option for Maturity Benefit payout, lump sum is paid on Maturity which is the Sum Assured and Guaranteed Additions where the total benefit received is equal to 125% of the SA
Under the Academia Option, money back benefits are paid in the last 5 years of the policy. The benefits start @30% of the SA in the 5th last year and 15% thereafter. On maturity, 15% of the SA and Guaranteed Additions (25% or 15% of SA) is paid making the total benefit received equal to 130% or 120% of the SA
Under the Career Option, 15% is paid in each of the last 5 years. 40% of SA is paid on Maturity along with the Guaranteed Additions @ 25% or 15% in total making the aggregate benefit received equal to 140% or 130% of the Sum Assured
The survival benefits can be availed monthly @8.5% of the annual payout
On death of the policyholder, the death benefit under both the options will be higher of the SA on death or 105% of all premiums paid + vested reversionary bonuses, Guaranteed Additions and terminal bonus, if any
SA on death will be higher of Sum Assured on Maturity or 10 / 7 times the annual premium
Moreover, under the Classic Waiver Death Benefit, future premiums are waived off and are paid for by the company and the plan continues to participate in profits
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.
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.
Royal Enfield Two Wheeler Insurance