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Products Single Premium Plans

Single Premium Endowment (817)

Product Summary

Single Premium Endowment Plan (817) is a single premium, non-linked, with profits Endowment Plan.

Premium Payment Mode

Single Premium

Term

10 to 25 years

Minimum Entry Age

90 Days Completed

Maximum Entry Age

65 Year (Nearest Birthday)

Maximum Maturity Age

75 Year

Minimum Sum Assured

Rs. 50,000

Maximum Sum Assured

NO LIMIT (Depending upon Income)

Policy Benefits

On Death :

On Death after commencement of risk: Sum Assured + Vested Bonus + FAB if any
On Death before commencement of risk: Return of Single Premium excluding taxes and Extra Premium.

On Survival :

On survival Sum Assured + Vested Bonus + FAB if any.

Surrendered Value

The Policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Loan

Loan Facility is available under this plan, after completion of one policy year.

Income Tax Benefit
  • u/s 80C up to 10% of SA.
Proposal Form

300/340 shall be used under this plan.


Jeevan Nidhi Single Premium (818)

Product Summary

New Jeevan Nidhi(818) Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

Premium Payment Mode

Single Premium

Term

5 to 35 years

Minimum Entry Age

20 Year Completed

Maximum Entry Age

60 Year (Nearest Birthday)

Minimum Vesting Age

55 Year

Maximum Vesting Age

65 Year

Minimum Sum Assured

Rs. 1,50,000

Maximum Sum Assured

NO LIMIT (Depending upon Income)

Maximum Accidental Death and Disability Benefit Rider up to age 70.

Policy Benefits

On Death :

Death during first five policy year : Sum Assured + Guaranteed Addition.

Death after first five policy year : Sum Assured + Guranteed Addition + Vested Bonus + FAB if any.

On Vesting :

On Vesting Basic Sum Assured + Guaranteed Addition + Vested Bonus + FAB if any.

Option On Vesting :

  1. Get 1/3rd amount as commutation and Buy Jeevan Akshay policy of Balance amount increased by 3%.
  2. Buy Jeevan Akshay of Full vesting amount increased by 3%.
  3. Buy Jeevan Nidhi Single Premium.
Surrendered Value

Single Premium : The Policy can be surrendered at any time during the deferment Period(term).

Regular Premium :
Term less than 10 : After atleast 2 full years premiums have been paid.
Term 10 or More : After atleast 3 full years premiums have been paid.

Loan

No loan will be granted under this plan.

Income Tax Benefit
  • On Premiums : u/s 80C
  • Commutation Tax free : u/s 10(10A)
  • Death claim Tax free : u/s 10(10D)
  • Pension : Taxable

Bima Bachat (816)

Product Summary

Bima Bachat (816) Plan is a single premium, non-linked, with profits Money Back type Plan.

Premium Payment Mode

Single Premium

Term

9 years
12 Year
15 Year

Minimum Entry Age

15 Year Completed

Maximum Entry Age

Term 9 Year then 66 Year (Nearest Birthday)
Term 12 Year then 63 Year (Nearest Birthday)
Term 15 Year then 60 Year (Nearest Birthday)

Maximum Maturity Age

75 Year

Minimum Sum Assured

Term 9 Year then Rs. 35,000
Term 12 Year then Rs. 50,000
Term 15 Year then Rs. 70,000

Maximum Sum Assured

NO LIMIT (Depending upon Income)

Policy Benefits

On Death :

Death during first five policy year : Sum Assured only.

Death after first five policy year : Sum Assured + Loyalty Addition, if any.

On Survival :

For Policy Term of 9 years : 15% of SA, after 3rd and 6th policy year.
For Policy Term of 12 years : 15% of SA, after 3rd ,6th and 9th policy year.
For Policy Term of 15 years : 15% of SA, after 3rd ,6th,9th and 12th policy year.

At Maturity Time :

Single Premium Paid + Loyalty Additions, if any.

Surrendered Value

The policy can be surrendered at any time during the policy term subject to realization of the premium cheque.

Guaranteed Surrendered Value

First year: 70% of the Single Premium excluding taxes and extra premium,if any.
Thereafter: 90%of the Single Premium excluding taxes, extra premium, if any and all survival benefits paid earlier.

Loan

Loan facility is available under this plan at any time after completion of one policy year.

Income Tax Benefit
  • Premium paid under this plan is eligible for TAX rebate under section 80c.

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