NEW FUTURE BRIGHT PLAN (PLAN NO. 255)

 

WHAT IS NEW FUTURE BRIGHT?

New Future Bright is a saving cum protection plan where premium is paid in lump sum at the outset of the policy. It is a cashback plan which provides financial protection against death during the policy term with the provision of periodic payment during the policy term and a lump sum at Maturity along with loyalty addition, if any.

 

New Future Bright is a Single Premium Plan for a fixed term of 9 Years that will give 10% of the Sum Assured after completion of year 3 and year 6 during the policy term and maturity payment at the end of 9th Year. The Policyholder will receive the maturity payment as 102% of Single premium paid (excluding any taxes and extra premium, if any) and Loyalty Addition, if declared.

 

WHY NEW FUTURE BRIGHT?

It’s a one-time premium paying plan offering guaranteed returns. An ideal plan for those looking for liquidity, life cover and guaranteed return in USD all in one. This plan takes care of liquidity needs through periodic payments of 10% of Total Sum Assured after completion of 3 Years and 6 Years. Loan Facility is also available under the plan. The Policyholder’s life is covered throughout the policy term of 9 Years. In the event of unfortunate death of Policyholder 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 102% of premium paid plus 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 102% of Single Premium paid (excluding any taxes and extra premium) plus Loyalty Addition, if any will be paid to the Life Assured.

 

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 irrespective of Survival Benefits already paid under the Policy.

 

Optional Benefits

No additional benefits or riders are available under this plan.

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 95% of Single Premium paid (excluding any taxes and extra premium) less any Survival Benefits paid.

 

However, Special Surrender Value as mentioned in the Policy Bond 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

Premium Amount: USD 96,858 (including insurance levy)

 

Benefits payable to Policyholder during term:

 

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

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

On maturity after 9 years- an amount of USD 98,598.3 + Loyalty Addition if any will be paid.

 

In addition to the above periodical payments, the valuable protection to the extent of full Sum Assured is provided.

 

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 irrespective of the Survival Benefits already paid under the policy.