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Endowment Policy |
w.e.f. 15-12-1956 |
Table 14 (with bonus) |
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General Policy Conditions |
Underwriting Requirements |
Policy Servicing |
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Min. age at entry |
12 years |
Female lives category |
I/II/III |
Policy Loan @ 9% |
Yes |
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Max. age at entry |
65 years |
Age Proof |
Std./NSAP-1/2/3 |
Housing Loan |
Yes |
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Max. maturity age |
75 years |
Form No. |
300 / 340 |
Assignment |
Yes |
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Min. Term |
5 years |
Dating Back @ 8% |
Allowed |
Revival |
Yes |
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Max. Term |
55 years |
Non-Medical General ** |
Allowed |
Surrender of Policy |
Yes |
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Min. S.A. |
Rs. 50,000 |
Non-Medical (Professionals) ** |
Allowed |
Survival Benefits |
No |
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Max. S.A. |
Any amount |
Non-Medical (Special) ** |
Allowed |
Term Rider Option |
Yes |
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S.A. in multiples |
Rs. 5,000 |
Risk Coverage |
S.A. + Bonus |
Critical Illness Rider |
Yes |
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Modes allowed |
All |
Actual Sum Assured (ASA) |
Basic S.A. |
Key-Man Insurance |
No |
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Accident Benefit per 1000 S.A. |
Re. 1 extra |
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* Suitability |
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Most Popular plan for fulfilling all long/short term financial needs. |
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* Other details |
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(a) |
Premium to be paid for the full policy term or till policyholder’s death, whichever is earlier. |
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(b) |
Female Category I & II allowed, if the proposer is 61 years & above. |
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* Maturity Benefit |
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Sum Assured + Bonus is given. In addition, Final Additional Bonus is also given, if Premium paid is for 17 years or more. |
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* Death Benefit |
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S.A. + Accrued Bonus is given to the nominee. Final Additional Bonus is also given, if Premium paid is for 17 years or more. |
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Example |
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Mr. David takes an Endowment Policy under Table-14 for Rs. 1 lakh for 25 years term. He dies due to a disease after 3 years. In this case, Mr. David’s family/nominee will receive Rs. 1,15,000 (Rs. 15,000 being Bonus for 3 yars at an estimated Rs. 50 per 1000 p.a.). If Mr. David had survived till maturity he would have got Rs. 2,63,000 as maturity benefits (Rs. 1,25,000 being Bonus for 25 years at an estimated Rs. 50 per 1000 p.a. + FAB @ 380/- per 1000 = 38,000/-). |
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For limits see MNS Article |
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RushatiINDIA & Associates 60(24/16) Vivekananda Road, Sukantapally PO: Sheoraphuli, Dist: Hooghly, Pin: 712 223 Phone: +91- 9433235073 Email: [email protected] |
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