Marriage
Endowment With Profit / Education
Annuity Plan
Table No. 90
(Fixed
Term Endowment Policy)
Marriage Endowment Policies are intended to set aside a
sum required to be incurred as marriage expenses for children. Similarly, the
provision under educational Annuity is made to settle expenses on education.
With profit policies are now introduced to partly offset the effect of
inflation with a view that intended
provision proves to be sufficient.
One can choose a convenient term to coincide the
maturity to marriageable age of a child or to provide for the higher education
of the child. The policy holder (father/mother) will pay the premium till
maturity or earlier death. In case of maturity, the policy holder will get sum assured plus bonus. In
case of the death of the policy holder before maturity , no amount is paid but the future premiums are waived
and sum assured plus bonus till maturity is paid only on maturity, to the
nominee.
The Policy will be issued for term ranging from 5 to 25
years to all lives aged not less than 18 years and not more than 60 years at
entry. If the payment of premium ceases
after the policy has been in force for at least 3 years, the policy will
be automatically converted into a paid up policy for a reduced sum assured bearing the same
proportion to the original sum assured as the number of premiums paid
bears to the total number of premiums
stipulated in the policy. The paid-up policy for the reduced sum assured will
not be entitled to participate in the profits declared thereafter, but such
bonuses as have already been declared on the policy will remain attached thereto.
Benefits
Ø Maturity Benefits:
ü
Basic Sum Assured + Bonus
Ø Death Benefits:
ü
Future premiums are waived and sum assured plus bonus
till maturity is paid only on maturity, to the nominee.
Ø Mode Benefits:
ü
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
|
Ø Sum Assured Benefit:
ü
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
|
Re. 1 Per Thousand
|
Rs. 1,00,001 And Above
|
Re. 2 Per Thousand
|
Features
Ø Minimum
sum assured - Rs. 50,000/-
Ø No
Maximum Limit
Ø Minimum
age at entry - 18 years
Ø Maximum
age at entry- 60 years
Ø Maximum
age at maturity- 70 years
Ø Modes
Allowed - All
Ø Policy loan available.
Ø
Non Medical Special
and Non Medical General schemes
will be entertained