• Early Payment of Survival Benefits, 
• Increasing Risk Cover, & 
• Limited Premium Paying Term.

Three different terms of assurance and the corresponding premium paying terms available under this Plan are given below:-
 

Premium are payable for the full premium paying term or till death, if it occurs earlier. 

Like other Money Back plans which are in vogue, this plan also provides for periodical payments, as shown in the table below, on survivance upto the end of terms specified (provided the policy is kept in full force by payment of all premiums that have fallen due).
 

It can thus be seen that the full sum assured gets paid as survival benefits by the end of the premium paying term. Even though the full sum assured gets paid as survival benefits by the end of the premium paying term, the Risk Cover continues and the policy participates in profits till the end of the Policy Term.

If death occurs at any time during the term of a policy (and provided of all premiums that had fallen due), the basic sum assured along with the vested bonus will be paid. The survival benefits already paid, if any, will not be deducted from this claim amount.

An additional amount (depending on the duration of the policy) will also be paid on death under such s policy. The additional amounts payable at various stages are shown in the table given below.
 

It can be seen that the Risk Cover under the Policy increases every 5 years.

On survivance upto the date of maturity, the vested bonus will be paid. The bonus will be payable only in respect of the basic sum assured.

BONUS:

This is a With Profits Plan participating in profits from the commencement. The bonus will vest only at the end of 5 years from the commencement of the policy provided full 5 years' premiums have been paid and the policy is in force for the full sum assured at that time.

1. Accident & Disability Benefits:


By paying a small extra premium of Re. 1 per Rs. 1,000/- sum assured per year, accident cover can also be obtained. This accident cover is restricted to the premium paying term and entitles payment of an additional sum equal to the basic sum assured in the event of the death of the life assured due to an accident as defined in the standard policy clause or disability benefits secured involving waiver of premiums and some cash payment in instalments if the injuries from the accident result in total and permanent disability of the life assured as defined and explained in the clause and the same is proved to the satisfaction of the Corporation.
 

2. Discontinuation of Premiums:


After payment of premiums for at least 3 years, if the premiums are discontinued, the policy automatically gets converted into a paid-up policy for a reduced sum assured, provided the reduced sum assured, provided the reduced sum assured is not less than Rs. 250. Bonus will vest in the policy only after 5 years have elapsed from the date of commencement and full 5 years' premiums have been paid. The reduced sum assured under the paid-up policy (along with vested bonus, if any) is payable on the expiry of the policy term or on earlier death. When a policy is thus made paid-up, the additional risk cover otherwise available and survival benefits will not be available. Such policies will not also participate in future profits.

1. Minimum Sum Assured: Rs. 20,000/-

 
2. Mode of payment of premiums: Yearly, Half-yearly, Quarterly or Monthly (Under Salary Scheme as well).


Note: Rebates for high Sum Assured and Yearly & Half-yearly Modes will be on the Standard Scales.
 

3. Minimum age at entry: 14 years (completed).

 
4. Maximum age at maturity: 70 years (nearer birthday) 

 
5. Admission of Age: The life assured's age will be admitted only on the basis of standard proof of age such as, 

 
1. Certified Extract from Municipal records, 
2. Certificate of Baptism, 
3. Certified Extract from Family Bible showing Date of Birth, 
4. Certified Extract from School/College records showing Date of Birth 
5. Certified Extract from Service Register in the case of Govt. Employees and Employees of Quasi-Govt. Instititions including Public Limited Companies. 


The above proof of age must be submitted along with the proposal for assurance. 
 

6. Nomination: The proposer is advised in his own interest to indicate the name of the person to whom the policy moneys should be paid in the event of his unfortunate death by answering the relevant question appearing in the proposal. Such Nomination helps the Nominee to collect the policy moneys in the event of the claim arising without the necessity of having to obtain legal evidence of title and thus avoids delay in settlement of claim.