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Limited Payment Endowment |
w.e.f. 15-12-1956 |
Table 48 |
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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% Loan on Single Prem. Plan after completion of 1 year (90% of SV) |
Yes |
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Max. age at entry |
65 years (nbd) |
Age Proof |
Std./NSAP-1/2/3 |
Housing Loan |
Yes |
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Max. maturity age |
75 years (nbd) |
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 |
25 years |
Non-Medical General ** |
Allowed |
Surrender of Policy |
Yes |
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Max. Term for S.P. |
50 years |
Non-Medical (Professionals) ** |
Allowed |
Survival Benefits |
Yes |
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Min. S.A. |
Rs. 50,000* |
Non-Medical (Special) ** |
Allowed |
Term Rider Option |
Yes |
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Max. S.A. |
Any amount |
Risk Coverage |
S.A. + Vested Bonus + FAB if any |
Critical Illness Rider |
Yes |
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S.A. in multiples |
Rs. 5,000 |
Actual Sum Assured (ASA) |
Basic S.A. |
Key-Man Insurance |
No |
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Modes allowed |
All |
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Accident Benefit per 1000 S.A. |
Re. 1 extra (except S.P.) |
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* Suitability |
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A flexible plan for the Policyholder to select PPT of his choice. |
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* Other details |
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Premium to be paid for a fixed term. However, the life risk coverage continues till the end of the policy term. |
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* Maturity Benefit |
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On survival, Sum Assured + Bonus + FAB if eligible. |
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* Death Benefit |
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Death before the policy term, S.A. + Bonus is given to the nominee. |
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Example |
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Mr. Pramod takes a plan Under Table-48 for 3 Lakhs for 25 years. He opts to pay premium only for 15 years, Premium payment stops after 15 years. However, Policy continues to get bonus for full 25 years. On maturity at the end of 25 years, he receives Rs. 8,05,500 (Rs. 3,82,500 as bonus at an estimated Rs. 51 per thousand p.a. + Rs. 1,23,000 as Final Additional Bonus at an estimated Rs. 410 per thousand for 25 years). In case he dies before the policy term his nominee will receive S.A. + Bonus + FAB, if applicable. |
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* |
For Single premium min. S.A. remains at 30,000 & there will be no DAB for Single premium. |
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** |
For limits see NMS 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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