New Single Premium Plan III (Plan no. 263)
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.
- 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.
- c) Guaranteed Additions accrue on completion of every policy year at a rate of USD 23 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)|
|Mode of Premium Payment||Single Premium|
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 paid excluding any taxes and extra premium.
The special surrender values are as follow:
|Policy Year||Special Surrender value as a percentage of Single Premium ( excluding any taxes and extra premium)|
|2||97% of Single Premium|
|3||99% of Single Premium|
|4||101% of Single Premium|
|5||103% of Single 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 experience of the Company.
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 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.
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.
Insurance Levy/VAT/Any other Government Taxes
Insurance levy/ VAT or any other Government taxes levied by the Government Authorities will be in addition to the premium.