Untitled Document
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Bima
Nivesh
Suitabile
This plan is suitable for retiring people to invest their Provident
fund and gratuity amounts for a short period and earn guaranteed
benefits and also enjoy life cover. The policy has been designed
to mobilize the lump sum amounts available as liquid funds with
persons who find it difficult to plan short-term investments elsewhere.
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Salient
Features
- It is a one-time premium payment to be paid
up front.
- The policy can be taken for either 5-year term
or a 10-year term.
- For a 5 year term, Rs. 985 is payable as a
single premium for every Rs. 1000 sum assured.
- For a 10 year term, Rs. 923 is payable as a
single premium for every Rs. 1000 sum assured.
- A percentage of rebate in premium is proposed
for high levels of premium; a rebate of 0.5% of the basic premium
in addition to the above rebate is available to employed persons
of age 50 and above, having opted VRS. A similar rebate is also
available for senior citizens of age 60 and above.
- Guaranteed Additions are paid at the compound
rate of Rs.60 per thousand Sum assured per annum
- Loyalty additions are paid under the policy
and depend on the company's experience with regard to mortality,
interest and expenses.
- Term insurance rider upto a maximum of twice
the sum assured under the basic plan can be availed by paying
additional premium. However maximum amount that can be availed
of is limited to Rs.5,00,000.
- No loan can be availed of under the policy.
- Special Surrender Value will be paid provided
the policy has run at least for one year.
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Benefits
On Survival
- The Basic Sum assured +Guaranteed Additions
+ Loyalty addition(if any) will be paid.
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On Death
Sum assured along with the accrued guaranteed additions will be
payable. If Term Assurance Rider has been taken, then the Term Assurance
Sum Assured is also payable in addition.
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Exclusions
Suicide: The policy is not payable if the Life Assured commits suicide
at any time on or after the date on which the risk on the policy
has commenced but before the expiry of one year from the date of
the policy. In case of death due to suicide during this period,
the Corporation will not entertain any claim by virtue of this policy
except to the extend of a third party's bona fide beneficial interest
acquired in the policy for valuable consideration of which notice
has been given in writing to the office to which premiums under
this policy were paid, at least one calendar month prior to death.
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