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MIN. AGE AT ENTRY MAX. AGE AT ENTRY MIN. TERM MAX. TERM
MIN. PREMIUM FOR AGE BELOW 49 YEARS MIN. PREMIUM FOR AGE 50 YEAR & ABOVE
MAX. PREMIUM
NO LIMIT
MODE
PER YEAR
PER MONTH
SUM ASSURED
3000
6000 9000 15000 30000
250
500 750 1250 2500
62500
125000 187500 312500 625000
INSTEAD OF STARTING WITH SUM ASSURED YOU START BY DECIDING HOW MUCH PREMIUM YOU WANT TO INVEST.
RISK COVER IS SAME FOR ALL AGES FOR FIX PREMIUM
SAY. ONE 20 YEAR AGE PERSON AND ANOTHER 45 YEAR AGE PERSON IS PAYING Rs. 5000 PREMIUM PER YEAR RISK COVER FOR THE SELECTED TERM WILL BE SAME FOR BOTH THE PERSONS.
DO NOT TALK ABOUT SUM ASSURED START TAKING ABOUT PREMIUM
250 TIMES OF MONTHLY PREMIUM ( 12000 YLY MEANS 1000 MLY i.e 1000*250 = 2,50,000 ) PLUS
RETURN OF PREMIUM PAID ( EXCL. 1st YEAR PREM & ANY EXTRA+RIDER PREMIUM ) PLUS
LOYALTY ADDITION
IN CASE OF DEATH BENEFIT IN ADDITION TO S.A PAYABLE ON DEATH , ALL PREMIUMS PAID ( EXCL. 1st YEAR PREMIUM PLUS ANY EXTRA PREMIUM AND RIDER PREMIUM ) ARE REFUNDED.
BONUS WILL NOT BE DECLARED EVERY YEAR AS IN CASE OTHER POLICIES. BUT LOYALTY ADDITIONS WILL BE PAYABLE AFTER ATLEAST 10 YEARS OF PREMIUM PAYMENT AND DURATION. LOYALTY ADDITIONS ARE EVEN PAYABLE ON SURRENDERING THE POLICY .
FOR A CHOOSEN PREMIUM THE LEVEL OF BENEFIT AT MATURITY ( MATURITY SUM ASSURED ) WILL BE QUOTED. SAY.. FOR EXAMPLE AT AGE ENTRY 35 IF RS. 300PM( 3600 P.A ) PREMIUM IS SELECTED M.S.A GIVEN AS PER CHART
FOR 165-15 IS
HERE 57,000 + L.A ( WE REQUIRE ONLY 26,000 AS LOYALTY PAYMENT TO MATCH TABLE 14 ) (IE. LOYALTY SHOULD BE RS.30 PER 1000 SA PER YEAR)
FIRST YEAR
2/3 YEAR
THERE AFTER
25%
7.5%
5%
10 TO 14 YEAR
BONUS COMM.
20%
40 % OF FIRST YEAR COMM.
7.5%
5%
THEY ALSO WANT TO MAKE PROVISION FOR CHILD EDUCATION SON/DAUGHTER MARRIAGE RETIREMENT PLANNING MEDICAL EXPENCES Etc.
ACTURIAL ANALYSIS WILL SHOW THAT LOYALTY ADDITION WILL NOT BE LESS THAN TOTAL REGULAR BONUS PAYABLE ON DEATH / SURRENDER / MATURITY.
AFTER TAX PAYMENT WE HAVE ALSO HAVE TO PAY 5 % OF THE REMAINING SURPLUS TO GOVERNMENT.
AND
AFTER THAT WE HAVE TO MAKE PROVISION OF FOR SOLVENCY MARGIN TOO. THIS MEANS ACTUAL SURPLUS AVAILABLE FOR BONUS DISTRUBITION IS AROUND 75 % OF SURPLUS GENERATED.
1. PREMIUM BASE PSYCHOLOGY CAN BE SATISFIED. 2.ON DEATH OF L/A , APART FROM SA. PREMIA PAID ARE ALSO REFUNDED. 3.PREMIUM NOT AGE DEPENDENT , ALTHOUGH THIS A RISK PLAN. 4.NO SURRENDER CHARGE AFTER 5 YEARS.THUS MORE FLEXIBILITY & LIQUIDITY. 5. THIS PLAN HAS ELEMENTS OF OTHER SAVING INSTRUMENTS LIKE BK.FD, PPF, ETC.