New Money Back Policy

New Money Back Policy

Table No. 93

(Money Back Policy With Profits)

Introduction

This is a fixed term policy. The premium has to be paid  till the end of the term or till the death of the policy holder whichever is earlier. A part of sum assured is paid to the policy holder once in 5  years. This benefit is called survival benefit. It is very important to note that the life risk cover continues for full sum assured even after payment of survival benefits to the policy holder . Also , the bonus is given  on full sum assured. On the death of the policy holder before the term of the policy, the full sum assured along with accumulated bonus is paid to the  nominee. On the other hand, if the policy holder survives till the end of the term, the  amount  of survival benefits already paid to him will be deducted

from maturity value .

(S.A + Bonus - Survival Benefit).

Under this policy, apart from the life risk cover, the money becomes available at regular intervals. The amount may be used for short term financial needs like, purchase of household durables or for children’s education. Or the amount received as survival benefit can be re invested in any secured investment so that the policy holder will have a substantial lumpsum amount at the end of the term of the policy.

Benefits

 Survival Benefits:

 The following table explains the returns of survival of the policy holder till the ends of the term.

Period	S.B Amount
5 years	15%  of  Sum Assured
10 years	15% of Sum Assured
15 years	15% of Sum Assured
20 years	15% of Sum Assured
25 years	40% of Sum Assured  + Bonus

Death Benefit:

Sum Assured + Bonus  , without any deduction or adjustment for the amount  that may have been paid earlier by way of survival benefit.

Mode Benefit:

The following table shows the rebate available on the mode of premium payment.

Mode	Rebate
Yearly	3% of tabular premium
Half-Yearly	1.5% of tabular premium
Quarterly	Nil

Sum Assured Benefit:

The following table shows the rebate available on the sum assured.

Sum Assured	Rebate
Up to Rs.50,000	Nil
Rs.50,001 to Rs.1,00,000	Rs. 1 Per Thousand
Rs.1,00,001 and Above	Rs. 2 Per Thousand

Features

ü A money back policy with 25 years fixed term.

ü Minimum Sum Assured - Rs. 50,000/-

ü No Maximum Limit

ü Minimum age at entry - 13 years

ü Maximum age at entry - 45 years

ü Maximum age at maturity -70 years

ü Modes Allowed - All

ü No medical examination is required if the conditions applicable  under Non Medical  Schemes are  satisfied.

ü Housing Loan available

ü Age Proof  Compulsory

ü Life assured should be major at the time when first survival benefit will become due, in case he is a minor  at the time taking insurance.

New Janaraksha Policy

New Janaraksha Policy

Table No 91

(Endowment Policy With Profits)

Introduction :

This Plan is best suited for people with irregular income and whose job  is not secured. Example farmers, milk vendors, petty business men. Financial security for the family, in case of unfortunate death of the policy holder, as risk is covered even during lapsed period of the policy (up to 3 years), after the premiums are paid for two years. This plan is a boon for persons who find it difficult to produce age proof. No premium extra is charged for self declaration, if term is 20 years and age is 40 years or less.

This plan provides payment of sum assured along with accrued bonuses  on maturity date to the live assured or to his nominee in the event  of his premature death. All policies issued under this plan will be, covered  for accident benefit. This benefit  will also be admissible  during the period of extended cover of three years. At any time during the first 36 months  from date of first unpaid premium, the policy holder can revive  the policy without the evidence of good health by paying the arrears of the premium in full with interest  or arrears of first two unpaid premiums with interest  or arrears of first  unpaid premium with interest .

Benefits

Maturity Benefits

Basic Sum Assured + Bonus

Death Benefits:

Normal       :   Sum Assured  + Accumulated Bonus

Accident     :   2* Sum Assured + Accumulated Bonus

Sum Assured Benefit:

The following table shows the rebate available on the sum assured.

Sum Assured	Rebate
Up to Rs.50,000	Nil
Rs.50,001 to Rs.1,00,000	Rs. 1 Per Thousand
Rs.1,00,001 and Above	Rs. 2 Per Thousand

Continued Risk Cover in the lapsed period

Even if the policy holder is not able to pay further premiums after paying first two years premiums, the risk cover continues for 3 more years  from the date of premium unpaid.

Inbuilt Accident benefit

All policies issued under this plan will be covered for accident benefit.

Features

 ü Minimum Sum Assured - Rs. 30,000/-

 ü Maximum Sum Assured - Rs. 10,00,000/-

 ü Minimum age at entry - 18 years

 ü Maximum age at entry - 50 years, 40 years in case of non medical (General).

 ü Maximum age at maturity -70 years

 ü Minimum Term - 12 years

 ü Maximum Term - 30 years, 20 in case of non standard age proof.

 ü Modes Allowed - All

 ü Policy Loan, Housing Loan available

 ü Non  medical allowed.