NEW FUTURE SMART II (PLAN NO 261)

 

INTRODUCTION

New Future Smart II is a Single Premium Guaranteed Return Non-linked saving plan. It provides financial protection against death during the policy term with provisioning of One-year additional guaranteed addition and a Guaranteed lump sum amount at Maturity. An ideal plan for those looking for guaranteed return in USD for short term need.

 

BENEFITS

  1. Death Benefits – In the event of unfortunate death of the life assured during the term of the policy, Basic Sum Assured along with Top Up Premium, accrued Guaranteed Addition on Basic Sum Assured and Top Up premium along with one additional years’ Guaranteed Addition on the Basic Sum Assured and Top Up premium will be paid to the nominee/beneficiary. The Policy will terminate upon such payment of Death Benefit.

 

  1. Maturity Benefits– The Basic Sum Assured along with Top Up Premiums and Guaranteed Additions on the Basic Sum Assured & Top Up Premium are payable in lump sum to the policyholder on survival to the end of the policy term.

 

  1. Guaranteed Addition – Guaranteed Additions accrue on completion of every policy year at a rate of USD 17 per thousand on Basic Sum Assured and Top Up premiums.

TOP UP PREMIUM:

The minimum Top-Up premium of USD 10,000 is compulsory. The proposer may opt to increase the Top-Up premium amount as per his / her choice over and above the minimum prescribed amount of USD 10,000 in multiple of USD 1,000 thereafter.

Top Up premium is to be paid only at the outset along with the base Single Premium. No additional benefits will accrue on Top-Up premiums other than Guaranteed Additions as described above.

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

 

Attribute Minimum limit Maximum limit
Sum Assured USD 25,000 No Limit
Top Up Premium USD 10,000 and in multiple of USD 1,000 thereafter No Limit
Age Entry 18 years ( completed) 70 years ( nearer birthday)
Age at Maturity 75 years ( nearer birthday)
Term 5 Years
Premium Paying Term Single Premium

 

 

SERVICING ASPCTS

 

PREMIUM PAYMENT

A Single premium is payable at the start of the Term.

 

SURRENDER PAYMENT

The policy will acquire a surrender value after completion of one full policy year. The minimum Guaranteed Surrender Value is 95% of the Single Premium and Top-Up premium paid excluding any extra premiums.

However, Special Surrender Value as mentioned in the Policy Bond may be paid if it is more favorable to the Policyholder.

The special Surrender Value is as follows

 

Policy Year Special Surrender Value as a percentage of Single premium & Top Up Premium  (excluding any taxes and extra premium)
2 99% of Single Premium & Top Up Premium
3 101% of Single Premium & Top Up Premium
4 103% of Single Premium & Top Up Premium
5 106% of Single Premium & Top Up Premium

 

On surrender, the higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. Special Surrender Value scale may be changed depending upon the future experience of the Company.

LOAN

Provided the policy has acquired surrender value, the Life Assured may obtain a loan up to 80% of the Surrender Value of the policy subject to production of satisfactory title to the policy and satisfactory assignment of the policy to the Company.  The rate of interest and other terms and conditions of granting loan will be as determined by the Company at the time of granting the loan.

The rate of interest currently charged is 8% per annum. The rate of interest is subject to change from time to time by the company.

A policy shall be foreclosed if the loan and interest outstanding exceeds the Surrender Value.

UNDERWRITING REQUIREMENTS

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

INSURANCE LEVY / VAT / ANY OTHER TAXES

Insurance levy/VAT or any other taxes levied by the Government Authorities will be in addition to the premiums