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ENDOWMENT INSURANCE PLAN :14

Features of Plan: This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time. Premiums are usually payable for the selected term of years or until death if it occurs during the term period. The specialty of this plan is that it has moderate premiums, high bonus, high liquidity & savings oriented.

Being an endowment assurance policy, this plan is suitable for the people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. If the amount assured is not paid by reason of his death earlier, will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any way he may think most suitable at that time.

Plan parameters

Age at entry: Min. 12 yrs, Max. 65 yrs
Maturity age: Max. 75 yrs.
Sum assured: Min. 50,000 Max. No Limit
S.A. in multiples: 5000
Term: Min. 5 yrs, Max. 55 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re. 1 extra pre
(Max. 50 lacs inclusive 1000 S.A.
All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term: yes
CIR: yes


Under writing
Form no.: 300/340
Age proof: Std./NSAP-1,2,3
Female lives category: I / II /III
Non-Medical (Gen): Allowed
Non-Medical (pro): Allowed
Non-Medical (special): Allowed
Actual Sum Assured: Basic S.A.
Risk Coverage: S.A. +Bonus
Dating Back @ 8%: Allowed

Benefits

Survival Benefits:
Payment of full S.A. + vested bonus + final addition al bonus, if any.

Death Benefit:
Payment of full S.A. + vested bonus. Final additional bonus is also given. If premium paid is for 17 yrs or more

Accident benefits: payment of small extra premium of Re. 1 per Rs.1000/- S.A. per year he or his family are entitled to the following benefits on death or permanent disability caused by accident. Even students above the age of 18 years can avail of this benefit.

Example:
Example: Mr. Aamir Khan aged 35 invests in an endowment assurance policy (with profits) for a term of 21 years, opting a basic S.A. of 1 Lac. When his policy matures, he will receive a total amount of Rs.2,21,000/- [basic S. A. of Rs.1 Lac + bonus for 21 yrs. ( 50x 21x 100= 1,05,000 bonus as per Rates of 2005) terminal bonus (160x 100=16000) FAB as per 2005 Lic].

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