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Whole Life Insurance
This plan is mainly devised
to create an estate for the heirs of the policyholder as the plan basically provides
for payment of sum assured plus bonuses on the death of the policyholder. However,
considering the increased longevity of the Indian population, the Corporation has
amended the above provision, thereby providing for payment of sum assured plus bonuses
in the form of maturity claim on completion of age 80 years or on expiry of term
of 40 years from date of commencement of the policy whichever is later.
The premiums under the policy are payable up to age 80 years of the policyholder
or for a term of 35 years whichever is later.
If the payment of premium ceases after 3 years, a paid-up policy for such reduced
sum assured will be automatically secured provided the reduced sum assured exclusive
of any attached bonus is not less than Rs.250/-. Such reduced paid-up policy is
not entitled to participate in the bonus declared thereafter but the bonuses already
declared on the policy will remain attach, provided the policy is converted in to
a paid-up policy after the premiums are paid for 5 years.
Suitable For:
This policy is suitable for people of all ages who wish to protect their families
from financial crises that may occur owing to the policyholder’s premature death.
Benefits
Insurance Regulatory & Development Authority (IRDA) requires all life insurance
companies operating in India to provide official illustrations to their customers.
The illustrations are based on the investment rates of return set by the Life Insurance
Council (constituted under Section 64C(a) of the Insurance Act 1938) and is not
intended to reflect the actual investment returns achieved or may be achieved in
future by Life Insurance Corporation of India (LICI). For the year 2004-05 the two rates of investment return declared
by the Life Insurance Council are 6% and 10% per annum.
This is a whole of life assurance plan that provides financial protection against
death through out the lifetime of the Life Assured.
Under Table Nos 2 & 5 the premiums are payable yearly, half-yearly, quarterly,
monthly or through Salary deductions, as opted by you. Under Table No 8 the premium
is payable in one lump sum (Single Premium).
Under Table No 2 the premiums are payable for a period of 35 years or up to age
80 years, whichever is later. Under Table No 5 the premiums are payable up to the
selected premium paying period.
Under Table No 2 the premiums are payable for a period of 35 years or up to age
80 years, whichever is later. Under Table No 5 the premiums are payable up to the
selected premium paying period.
The premiums are payable for the periods as specified above or up to earlier death
This is a with-profit plan and participates in the profits of the Corporation’s
life insurance business. It gets a share of the profits in the form of bonuses.
Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the
end of each financial year. Once declared, they form part of the guaranteed benefits
of the plan. A Final (Additional) Bonus may also be payable provided a policy has
run for certain minimum period.
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death
of the life assured.
This is a whole of life assurance plan and hence does not
have a maturity date. You, however, have the option to take the Sum Assured plus
all bonuses declared under the policy anytime after 40 years from the date of commencement
of the policy provided you have attained, at least, 80 years of age.
These are the optional benefits that can be added to your basic plan for extra protection/option.
An additional premium is required to be paid for these benefits.
Buying a life insurance contract is a long-term commitment. However, surrender value
is available under the plan on earlier termination of the plan.
The policy may be surrendered after it has been in force for 3 years or more. The
guaranteed surrender value is 30% of the basic premiums paid excluding the first
year’s premium. In case of a single premium policy the guaranteed surrender value
is 90% of the single premium paid excluding any extra/additional premium.
In practice, the Corporation will pay a Special Surrender Value – which is either
equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender
reflects the discounted value of the reduced claim amount that would be payable
on death. This value will depend on the duration for which premiums have been paid
and the policy duration at the date of surrender. In some circumstances, in case
of early termination of the policy, the surrender value payable may be less than
the total premiums paid.
The Corporation reviews the surrender value payable under its plans from time to
time depending on the economic environment, experience and other factors.
Sum assured plus accrued bonuses and the terminal bonuses, if any, on the policyholder
attaining age 80 years or on expiry of term of 40 years from the date of commencement
of the policy whichever is later.
Sum assured plus accrued bonuses and the terminal bonuses, if any, on the death
of the policyholder are paid to his/her nominees/heirs.
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