Single Premium Endowment (917)
Mr. Client
Age: 30 years.
Sum Assured: 500000
Premium paying period: 1 years
Key Features of Single Premium Endowment Plan
Mr. Client pays a onetime premium amount of Rs.270315 to start the policy.
Maturity amount (SA+Bonus+FAB) is paid at the end of the policy term of 20 years.
Expected Maturity amount as per the current bonus rates comes to
around Rs. 965000.
Normal Insurance coverage is available during the term of the policy
Loan and surrender facility is available after completion of one full year
Product Summary: Single premium, non-linked, with profits endowment plan.
Premium Payment Mode: Single premium
Term: 10 to 25 years
Minimum Age at Entry: 90 days completed
Maximum Age at Entry: 65 Year (Nearest birthday)
Maximum Maturity Age: 75 Year
Minimum Sum Assured: Rs.50000
Maximum Sum Assured: No Limit (Subject to other conditions)
Riders Available Nil
Accidental Death and Disability Benefit (ADDB): Not available
On Death: On Death after commencement of risk : Sum Assured + Vested Bonus + Final Addition Bonus(FAB) if any and on death before commencement of risk, return of single premium excluding taxes and extra premium.
On Survival: Sum Assured + Vested Bonus + Final Addition Bonus(if any).
Surrender Value: Policy can be surrendered at any time during the policy term provided the premium cheque has been realized.
Loan: Loan can be availed at any time during the policy term after completion of one full year from the inception of policy.
Income Tax Benefit: Premium paid under the policy is eligible for Tax rebate under section 80C up to 10 % of Sum Assured.
Proposal Form Form No 300 for major lives and Form No 360 for minor lives.
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