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Future Bright Plan (Plan no. 245)

WHAT IS FUTURE BRIGHT?

 Future Bright is a Money Back Plan, that provides apart from life coverage to the policy holder periodic payments during the policy term and a lump sum payment at maturity.

 Future Bright is a 9 year plan that will give 10% of the Sum Assured at end of year 3 and year 6 during the policy term, and at the time of maturity, the policy holder will receive the full premium paid at the inception of the policy plus 5% of the premium paid as guaranteed addition and any loyalty addition, if declared.

 WHY FUTURE BRIGHT?

 It’s a one-time premium paying plan offering guaranteed returns. An ideal plan for those looking for liquidity, life cover, and reasonable return all in one. This plan takes care of liquidity needs through periodic payments of 10% of total Sum Assured at the end of 3 years and 6 years. Loan facility is also available under the plan.  The policyholder’s life is covered thought out the policy term of 9 years, in the unfortunate case of death during the policy term an amount equal to the Sum Assured will be payable to the beneficiary, and on survival of policyholder till maturity an amount equal to the premium paid plus 5% guaranteed addition and any loyalty addition if declared will be payable.

BENEFITS

This policy will provide the following benefits to the Life Assured on survival.

After 3 Years

After 3 years of the commencement of the policy 10% of the Sum Assured will be paid to the Life Assured.

After 6 Years

After 6 years of the commencement of the policy another 10% of the Sum Assured will be paid to the Life Assured.

On Maturity after 9 Years

On maturity the Life Assured will receive 105% of single premium paid (excluding any taxes and extra premium) plus Loyalty Addition, if any.

BENEFICIARY BENEFIT

In the event of unfortunate death of the Life Assured during the term of the policy, an amount equal to the sum assured will be payable to the Beneficiary.

BASIC PRODUCT

ELIGIBILITY CONDITIONS

Attribute Minimum Limit Maximum Limit
Sum Assured  USD 20,000 and in multiples of 1000 thereafter No limit but subject to medical and financial underwriting
Entry Age 15 Years Completed 60 Years
Maturity Age 24 Years completed 69 Years
Term 9 Years
Mode of Premium Payment Single Premium Payment

SERVICING ASPECTS

 SURRENDER VALUE

 The policy will acquire a surrender value after completion of one full policy year. The minimum guaranteed surrender value is 90% of single premium paid (excluding any taxes and extra premium) less any survival benefits paid.

 However, special surrender value may be paid if it is more favorable to the policyholder.

 

POLICY LOAN

Policy loan is available provided the policy has acquired surrender value. The life assured may obtain loan up to 80% of surrender value of the policy.

PAID UP VALUE

 Not applicable under this plan.

GRACE PERIOD

 Not applicable under this plan.

UNDERWRITING REQUIREMENTS

 All aspects of underwriting will be as per the underwriting policy of the company.

  

BENEFIT ILLUSTRATION

 Age: 35

Sum Assured: USD 100,000

Term: 9 Years (Fixed)

Mode: Single (Fixed)

Premium Amount: USD 82,030

 

On survival after 3 years USD 10,000 will be paid to Life Assured.

On survival after 6 years another USD 10,000 will be paid to Life Assured.

On maturity after 9 years an amount of USD 82,030 + 4,101.5 which equals to USD 86,131.5 will be the guaranteed amount payable. In addition depending upon the experience, Loyalty Addition may also be declared by the company on maturity.

In the event of unfortunate death of Life Assured any time during the term of the policy, full Sum Assured of USD 100,000 will be payable to the Beneficiary.