The Endowment Assurance Policy By Limited Payments
Table No. 48
(Endowment
Policy With Profit)
This is
a fixed term policy. The premium has to
paid till the end of the Premium Paying term or till the death of the policy
holder whichever is earlier. The allowed
terms are 10, 15, 20 and 25. In case,
the policy holder dies before the end of the policy term, the sum assured along
with bonus is paid to the nominee.
If the policy holder survives till the end of
the term, he gets sum assured plus bonus. The endowment policy fulfills many of
the long term financial needs of a person. The short term needs may be, to
provide for family expenses (this is possible by raising a loan on policy after
the policy has run for 3 years). The long term needs may be, to provide for
education of dependent children, their marriage, or for old age provision for
self / spouse.
If
payment to the premiums ceases after at least three years premium have been
paid, a free paid-up policy for an amount bearing the same proportion to the
sum assured as the number of premiums actually paid bears to the number stipulated for in the
policy, will be automatically secured.
This
is fixed term policy, allows terms 5, 10, 15, 20, 25, 30, 35, 40, 45, 50
and 55 for single premium policies. For all other modes allowed terms are 10,
15, 20 and 25 only. The following table
gives details of premium paying term for each of these terms.
Term
|
Premium Paying Term
|
10
|
5
Years
|
15
|
5,
10 Years
|
20
|
5,
10, 15 Years
|
25
|
5,
10, 15, 20 Years
|
Benefits
Ø Maturity Benefits:
ü Sum
Assured + Bonus.
Ø Death Benefits:
ü Sum
Assured + Accumulated Bonus.
Ø Mode Benefit:
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 - 12 years
Ø
Maximum age at entry - 65 years
Ø
Maximum age at maturity -75 years
Ø
Minimum Term - 5 years
Ø
Maximum Term - 55 years
Ø
Modes Allowed - All
Ø
Policy Loan available
Ø Age
Proof Compulsory