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WHOLE LIFE WITH PROFIT PLAN : 5

Features of Plan: Features of plan his is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums During the ordinarily vigorous and most productive years of life. He needs not pay any premium in the later stages of life if and when his conditions might become adverse.

With profits Limited payments policies do not cease to participate in profits after completion of the premium paying period but continue to share in the periodical Bonus Distribution until the death of the Life Assured.

If the policyholder pays at least 3 years premiums and then discontinues paying any more Premium, a reduced paid-up assurance policy comes into force.

Such a reduced paid-up policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the policy will remain attached thereto. The premium paying term under this plan is Five Year minimum and 55 years maximum.


Plan parameters

Age at entry: Min. 12 yrs, Max. 60 yrs
Maturity Age: Max.80 yrs
Sum assured: Min. 50,000. Max. No Limit
S.A. in multiples term: 5000 Min. 5 yrs, Max. 55 yrs
Mode of payment: YLY/ HLY/ QLY/ SSS/ MLY/
Accident Benefit: Re. 1 extra per
(Max. 50 Lac inclusive 1000 S.A.
All plans)
Policy Loan: yes
Housing Loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term Rider: N.A.
CIR: N.A.
Underwriting Condition

Form No.: 300/340
Age proof: Std.
Female Lives category: I/II/III
Non-Medical (Gen): (PRT 5 TO 10) Allowed
Non-Medical (pro): Allowed
Actual sum Assured: Basic S. A.
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

Benefits

Survival Benefits:
S.A. + accrued bonuses and terminal bonuses, if the life assured survives the premium paying period & the policy continues in full force, provided all premiums have been paid, but no further prem. Are required to be paid.

Death Benefit:
sum assured + bonuses accrued and vested in the policy

Example:
Mr. Shahrukh Khan age 35 yrs. Whole life limited payment under table 5 for a term of 20 years, and SA 2Lac. He has to pay an annual premium of Rs.7531/- in the event of his demise in 15th year his family will receive Rs.4,13,000 + FAB if any (SA.2Lac +bonus as per of 2005 i.e. 71 x 200 x 15=2,13,000+FAB, if any)
The premium payment under this plan ceases at 20 years term. On maturity at the age of 75 years he will get Rs.7,68,000+ FAB, if any (SA.2Lac + bonus as per rates of 2005 i.e. 71 x 200 x 40=5,68,000+FAB, if any)

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