This is a single premium, non-linked, with profits Endowment Plan
Features & Conditions of SINGLE PREMIUM ENDOWMENT PLAN
Minimum age at entry :90 days lbd
Maximum age at entry : 65 years nbd
Min. age at maturity : 18 years lbd
Max. age at maturity : 75 years nbd
Minimum term : 10 years
Maximum term : 25 years
Minimum S.A. : 50,000/- & in multiples of 5,000 thereafter.
Maximum S.A. : No limit
Available Riders: ADDB and Term Rider for full Policy Term.
Mode of Payment: Single Premium Rebates:
High S.A. Rebate
- Upto 95,000 : Nii
- 1,00,000 to 1,95,000 : 18 %0 SA
- 2,00,000 to 2,95,000 : 25 %0 SA
- 3,00,000/- & above : 30 %0 SA Policy
Loan :After one policy year.
- First Year: 75% of SP.
- 2nd Year Onwards: 90% of SP + SV of bonus
Commencement of Risk Cover for age at Entry:
- Less than 8 years nbd: 2 years after DOC or from policy anniversary coinciding with or immediately following attainment of 8 years of age, whichever is earlier.
- 8 years nbd and above: Immediate.
- Before commencement of risk: Return of SP excluding GST & Extra.
- After commencement of risk: SA on death + Vested Bonus + FAB if a
MATURITY BENEFIT: Basic SA + Vested Bonus + FAB if any.
Back Dating: Allowed without lean months benefit . Interest will be charged for exact no. of days from DOC to date of payment.
Proposal Form: 300, 340 or 360. Income
Tax Benefits :
- On Basic Prem : u/s 80C up to 10% of SA
- Maturity : Taxable
- Death Claim :u/s 10(10D)
Underwriting Rules: Without Term Rider
Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: Basic S.A. less Single Premium paid.
Non-Medical Schemes: All Allowed, incl. Exclusive Single Premium NM Scheme.
Age Proofs: All Allowed.
Female Lives : All Allowed.
Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.
Minor lives/Major Students: Max TRSA inclusive of all plans Rs. 2 crore & Standard Minor lives only. TRSA beyond Rs. 2 crore /substandard minor lives at CUS only with MM’s recommendation. Standard Age Proof is must.
Third Gender: Standard Age proof is must. Proposal will be decided at CO NB&R Department.
Sub-Standard Major lives:
- Up to EMR Class Ten only.
- Physically Handicapped lives should be gainfully employed.
Rating up factor for Standard Extra:
10 years : 7.75, 15 years : 10.15
20 years : 11.95, 25 years : 13.30
If Occupation Extra is charged ADDB Rider will not be allowed.
Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee
NRIs & FNIOs Residence Group:
Term up to 15 years: All Groups allowed without Extra for Max S.A. as applicable to each group.
Term above 15 years:
- Group I & II : Not Allowed.
- Group III to IV : Allowed with extra.
- Group V : Allowed without extra.
- Juvenile lives & House wives : Group IV & V only.
NMS & Exclusive SP Non-Medical Scheme: Group V only. Mailorder : Only NRIs of Group V.
With Term Rider: Underwriting Rules of Term Rider will be applicable