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The Limited Payment Life Policy (The Whole Life Policy With Profit)
The Limited Payment Life
Policy
Table No. 5
(The Whole Life Policy With Profit)
This is the best form of life assurance for family provision since it enables the
life assured to pay the premiums during
the ordinarily vigorous and most productive years of life, relieving him
from the necessity of making payments
later in life when they might become burden.
Premiums are payable for selected period of years or until
death if it occurs within this period. The life assured thus has the
satisfaction of knowing the maximum amount he will be required to pay,
no matter how long he lives. If the life assured survives the premium paying
period, the policy continues in full force, provided all premiums have been
paid, but no further premiums are required to be paid.
The limited payment option would help a person to restrict
the premium payment to his productive years only. This policy continues to participate in
profit after completion of the premium paying term.
Benefits
Ø
Maturity
Benefit:
ü
Sum Assured + Bonus +
Final Additional Bonus
Ø Death Benefit
ü
Sum Assured + Bonus + Final Additional Bonus
ü
(Final Additional Bonus is applicable only if policy completes 15 years)
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.
Mode
|
Rebate
|
Yearly
|
3% of tabular premium
|
Half - Yearly
|
1.5% of tabular premium
|
Quarterly
|
Nil
|
Features
Ø A low premium high risk
cover policy
Ø The premium payment
ceases after a fixed term.
Ø Minimum Sum Assured - Rs.
50,000/-
Ø No Maximum Limit
Ø Minimum age at entry - 12
years
Ø Maximum age at entry -
60 years
Ø Premium Ceasing Age - 70
years
Ø Minimum Term - 5 years
Ø Maximum Term - 55 years
Ø Modes Allowed - All
Ø
General Loan available only after 3 years has been
completed.
