PTA

PURE TERM ASSURANCE (PLAN NO. 239)

 

INTRODUCTION

This is a without profit term insurance plan which provides for insurance coverage for a fixed term in lieu of payment of relatively low premium.

BENEFITS

By making regular payment of premium you will enjoy life insurance protection during the term of policy. In the event of unfortunate death before the date of maturity, sum assured is paid to the nominee in lump sum.

Accident Benefit

The policy holder has an option to choose Accident Benefit Rider during the term of the policy or up to the age of 70, whichever is earlier. In the event of unfortunate death due to accident when the policy is in force, an additional amount equal to accident benefit sum assured is paid along with the claim.(This Rider is available for a maximum sum assured of US $ 100,000 for an individual, inclusive of all the policies, held by him). In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installment spread over of 10 years.

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

Attribute Minimum limit Maximum limit
Sum Assured US $ 100,000 No limit
Age Entry 18 years (Last Birthday) 60 years (Nearer Birthday)
Age at Maturity 23 Completed (Last birthday) 70 years (Nearer Birthday)
Term 5 years 35 years
Mode of Premium Payment Yearly, Half Yearly, Quarterly, Monthly or through Salary Saving Scheme

SERVICING ASPECTS

Policy Loan

No loan is available under this plan

Paid Up value

If premium have been paid for a period of two years and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced sum assured. The reduced sum assured is payable to the nominee/ beneficiaries on death of policyholder during the term of policy

SPECIAL PROVISIONS

Commutation of Premium

All future premium payable for the remaining period can be made in lump sum at a special discounted rate.

Premium Sealing

One can pay premium in advance up to a period of 5 years in lump sum at a discounted rate. Unutilized portion of lump sum amount, if any, is refundable.