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MARRIAGE ENDOWMENT / EDUCATIONAL ANNUITY
With profits plan (table no.:90)

Features of Plan:

This policy is suitable specially to meet the needs of marriage or higher education of the policyholder's children. It is a kind of an endowment policy in case of maturity. In case of early death of the policy holder the nominee will not get the S.A. and bonus immediately. Future premium are not payable after death of the policyholder the S.A. with bonus is payable only after the expiry of the term. In case of death caused by an accident, S.A. will be paid to the nominee immediately. At the maturity of the policy the policyholder can exercise option to take for the amount in lump sum or a convenient term can be chosen which can be used for future education of dependents.

In case the double accident benefit is availed then an additional sum equal to the basic S.A. become payable immediately on death due to accident during the policy term

The loan facility is available under this plan after 3 years of commencement of policy when premium are fully paid up for 3 yrs. The rate of interest is @ 10.5% p.a.

Plan parameters

Age at entry: Min.18 yrs, Max.60 yrs
Maturity Age: Max. 70yrs
Sum assured: Min. 50,000, Max. No. Limit
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1extra per
(Max. 50lacs inclusive: 1000 S.A.
All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Term: yes
CIR: yes

Under writing

Form no: 300
Age proof: std./ NSAP-1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic S.A.
Risk coverage: premium waived
Dating back @ 8%: Allowed

To calculate the mean age, the difference between the ages of the two lives is calculated by subtracting the ages of the two lives. For example, husband's age is 27 yrs. And wife's age is 22 yrs., then the Difference between ages will be 27__22=5 yrs. From the above chart we will see addition to younger age below 5 yrs. Which come out to be 3. by adding this number to younger age i.e.22 yrs the joint life age is 22+3=25 yrs. On this age the premium will be charged.

Benefit:

Maturity benefit: payment of S.A.+ Bonus+ FAB, if any.

Death benefit:
S.A. + bonus payable in lump sum or in 10 HLY instalments at the option of beneficiary. Moreover, the future premiums are waived.

Accident benefit: accident benefit equivalent to basic S.A. would be available immediately, in addition to death benefits stated above by paying appropriate additional premiums on that behalf.

Example: Mrs. Twinkle Khanna has a 2 years old daughter pooja. she opts for marriage endowment plan for Rs.2lac for 20 years, so that her daughter can be married around 22 years of age. But after 8 years his death occurs. Her nominee needs not to be worried about the premium of this plan. When her daughter pooja attains the age of 22 years, she will get Rs.3,80,000/- (basic S.A. Rs.2lac + bonus as per bonus rate of 2005 i.e. Rs.45/- per annum for 20 years which come out be to Rs.1,80,000/-). This policy can be gifted to someone you love.

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