New Single Premium Plan II (Plan no. 253)

 

This is a Single Premium, non-linked, non-participating saving cum protection plan with a fixed term of five years. The plan provides financial protection on death of the policyholder during the policy term or a maturity payout to the policyholder on survival to the end of the policy term.

 

BENEFIT

 

  1. a) In the event of unfortunate death of the life assured during the term of the policy, the Sum Assured plus accrued Guaranteed Addition on the Sum Assured shall be paid to the nominee/beneficiary. In addition, one additional years’ Guaranteed Addition on the Sum Assured shall be paid if the death of the policyholder occurs in the last six months of a policy year. The policy shall terminate on payment of the death benefit.

 

b)In case of Maturity-  The Sum Assured along with accrued Guaranteed Additions on the Sum Assured shall be payable in lump sum to the policyholder on survival to the end of the policy term.The policy shall terminate on payment of the maturity benefit.

 

  1. c) Guaranteed Additions accrue on completion of every policy year at a rate of USD 34 per thousand on the Sum Assured.

 

BASIC PRODUCTS FEATURES, RESTRICTION AND APPLICABILITY

 

Attribute Minimum Limit Maximum Limit
Sum Assured USD 20,000 No limit, subject to underwriting
Age Entry 18 years ( Completed) 65 years ( Nearer Birthday)
Age at Maturity 70 years ( Nearer Birthday)  
Term 5 years
Mode of Premium Payment Single Premium  

 

 

 

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 (Basic Sum Assured Plus accrued Guaranteed Additions). Any Riders attached to the policy will not acquire any surrender value.

 

Loan

Provided the policy has acquired surrender value, the Life Assured may obtain a loan up-to 90% 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 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.  Further for the purpose of Medical Examiner’s limit, Moral Hazard Report, claims investigation and settlement, rules as applicable under the underwriting policy of the company will apply.