This is a regular premium, non-linked, with profits Endowment Plan.
Features & Conditions of NEW ENDOWMENT PLAN
Minimum age at entry – 8 years (Last Birth Day)
Maximum age at entry – 55 years (Near Birth Day)
Max. age at maturity – 75 years (Near Birth Day)
Minimum term – 12 years
Maximum term – 35 years
Minimum S.A. – 1,00,000 (in multiples of 5000 thereafter)
Maximum S.A. – No Limit
Available Riders: ADDB/AB Rider, Term Rider, Critical Illness Rider & PWB Rider-Up to age 25 of Child.
Mode of Payment: Yearly, Half Yly, Qly & Mly ( SSS & NACH) Rebates:
Mode Rebate: Yearly : 2%, Half Yly : 1 %
High Basic S.A. Rebate:
- Upto 1,95,000 : Nil
- 200000 to 4,95,000 : 2 % of Basic SA
- 500000 & above : 3 % of Basic SA
DEATH BENEFIT: Sum Assured on Death + Vested Bonus + FAB if any.
MATURITY BENEFIT: Sum Assured + Vested Bonus + FAB if any.
Maturity/Death Claim in Installments for 5/10/15 years for Full or Part of Maturity/Death Claim Amount: Option to be exercised – 3 months before Maturity and for Death Claim during lifetime by Life Assured.
Grace Period: 15 Days for monthly mode and 30 days for other modes.
Claim Concessions: Available under Base Plan only. Not apply to Riders and Death due to Suicide.
Paid up/Surrender/Policy Loan: Available after payment of premium of 2 full years.
Revivals: Within 5 years of FUP.
Back Dating: Allowed with lean Month’s benefits
Proposal Form: 300, 340 or 360.
- On Premium : u/s 80C
- Maturity/Death claim : u/s 10(10D)
Underwriting Rules: Without Term, Cl or PWB Rider:
- Actual Sum Assured (ASA) for SUC: For FMR, Special Reports, MHR & TRSA: Basic S.A. only.
- Non -Medical Schemes: All Allowed.
- Age Proofs: All Allowed.
- Female Lives : All Allowed.
- Pregnant ladies: Cat A1 only up to 24 weeks of pregnancy.
- Minor lives/Maior 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: Allowed, Standard Age Proof is must. Proposals will be decided by Central Office NB&R Department.
- Sub-Standard Major lives:
- Up to EMR Class Ten only.
- Physically Handicapped lives should be gainfully employed.
Occupation/Residence Extra: Standard extra applicable. If Occupation Extra is charged CIR/ADDB/AB Rider will not be allowed.
Keyman/Partnership/Employer-Employee: Allowed only under Employer-Employee
NRIs & FNIOs Residence Group:
- Group I & II : Not Allowed.
- Group III & IV : Allowed with extra.
- Group V : Allowed without extra.
- Minors & Housewives: Group IV & V only.
- NMS : Group V only.
- Mail order : Only NRIs of Group V.
With Term, Cl or PWB Rider: Underwriting Rules of Term, Cl or PWB Rider will be applicable.