NEW FUTURE SMART (PLAN NO. 258)

 

INTRODUCTION

This is a guaranteed return Non-linked Single Premium Endowment Plan with a fixed term of five year. An ideal plan for those looking for guaranteed return in USD, life cover and liquidity all in one. It provides payment to the beneficiary in case of unfortunate death of the Life Assured during the term or to the Life Assured on survival to the end of the policy term.

BENEFITS

  1. Death Benefits: In event of unfortunate death of the Life Assured during the policy term, Basic Sum Assured and 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 beneficiary.

 

  1. Maturity Benefits: In case of Maturity, Basic Sum Assured along with Top Up Premium and Guaranteed Addition on Basic Sum Assured and Top Up Premium are payable in lump sum to the Life Assured on survival to the end of the policy term.\

 

  1. Guaranteed Addition: Guaranteed Addition will accrue on completion of policy year at the rate of USD 23 per thousand on Basic Sum Assured and Top Up Premium and payable on the event of Death/Maturity.

 

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

 

Attribute Minimum limit Maximum limit
Basic Sum Assured USD 25,000  
Top Up Premium USD 10,000 and in multiples of USD 1000 thereafter  
Age Entry 18 Years ( Completed) 65 Years ( Nearer Birthday)
Age at Maturity 23 Years 70 Years ( Nearer Birthday)
Term 5 Years
Premium Paying Term/Mode Single Premium Payment

The total Premium including Top Up Premium under a life shall not be more than USD 200,000.

SERVICING ASPCTS

Premium Payment

  1. Single Premium is payable at the start of the Term.

 

  1. A minimum Top Up Premium of USD 10,000 is compulsory. The Proposer may opt to increase the Top Up Premium as per choice over and above the minimum prescribed amount of USD 10,000 in multiples of USD 1000 thereafter.

 

The Top Up Premium is paid only at the outset along with the base Single Premium. No additional benefit will accrue on Top Up Premium other than Guaranteed Addition mentioned above.

 

Surrender Options

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

 

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

 

Policy Loan

The Life Assured can obtain a loan on the security of the Policy after the policy has acquired Surrender Value subject to the production of satisfactory title/assignment of the policy to the Company.