This unique product has been introduced with the best possible features, which are flexible, to cater to almost all Life Insurance needs (protection) of a person, providing maximum possible returns on their investments (savings) with a high level of transparency while safeguarding the interest of all stakeholders of the Company.

This Policy combines some of the desirable features of both Conventional and Universal Life Insurance products popular in many countries, which are tailor-made to suit virtually any situation.

The Basic Structure
The Policy is written as a long-term assurance which can be obtained for specified terms, say 10, 15, 20 , 25, 30 or 40 years, subject to the maximum maturity age of 70 years.

This Plan is basically divided into two parts;
  • First Five Years
  • The Balance Period
During the first five (5) years, the Policy has been designed as a non-participatory Endowment Policy with guaranteed (Death, Surrender, Paid-up) benefits.

At the 5th Policy anniversary (end of the 5th Policy year), a Transfer Value (TV) is calculated for each and every Policy in force, and the Policy will automatically be converted to an Investment and Protection Account (IPA) with an opening balance of the above-mentioned Transfer Value.

After the conversion, investment, expense and insurance elements of the Policy are separately identifiable.

This provides for transparency, flexibility in frequency of premium payments as well as the changing level of coverage during the policy term. The Accumulated Fund Value (Cash Value of the Policy) changes in accordance with the premium payments, additional payments if any, assessed expenses, mortality charges and (interest) dividend credited.
Maturity Settlement Options
  • Lump Sum Payment Option
Policyholder may elect to receive the amount in the Investment and Protection Account in a lump sum.
  • Extended Investment Option

As an alternative to receiving payment in lump sum on maturity date, the Policyholder may elect to leave the Policy proceeds with the Company. On death of the Policyholder, the amount in the Investment and Protection Account as at date of death will become payable.
  • Pension Option
On the date of expiry in lieu of the maturity value (Accumulated Fund Value) of the policy, the Policyholder can elect a pension starting at an age selected by him preferably at age 55, 60 or 65.

Rider Benefits that provide extra benefits can be chosen at the outset of the Policy or can be added later to the Policy, subject to payment of relevant additional premiums and instability.

 

This Policy is written as a term assurance policy where premiums are payable for a selected term.
The sum assured under the Policy would become payable in the event of death of the Life Assured during the premium paying term of the Policy as well as for a further period of 10 years without premium contribution (Free Life Cover).
In the event of the survival of the Life Assured to the expiry of the full Policy term, which includes the additional term of 10 years, beyond the premium paying term, all the standard premiums paid (100%) under the basic contract would be refunded. 

Other Benefits
Additional Rider Covers that provide additional benefits except for Hospital Cash Benefit (HCB) Rider and Level Term Rider could be chosen at the outset or can be added later to the Policy, subject to instability and payment of relevant additional premium.

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If You Hope To Add Family Members to Plan

Most parents want their children to go to Universities. The financial challenge of paying for universities is so great, so it’s better to start building a Child education Plan early.
If the parent starts saving when his child is still a toddler, then the child, even in absence of his parent, can continue on his career path. So, we find a wide scope in this area and this plan ensures a guaranteed payment to the child while giving protection to the parents as well.
This child plan can be obtained by Mother, Father or Guardian, on Single or Joined life basis.

Features of the basic policy

  • This Plan Assures a (Definite)  benefit for the child:

(Whether the Policyholder survives or not)
Benefits payable after the premium payment term in 5 equal annual installments (30% of the Sum Assured are payable in installments i.e. Total Payment of 150% of the sum assured)

  • Death Benefits

In the event of death during the term of the Policy or within the annuity payment period, Sum assured becomes payable immediately.

  • Waiver of premium benefit

In the event of any eventuality of the Policyholder (death or disability) the future premiums will be waived off.

  • Additional Rider Benefits     

Definite Benefit Multiplier Option (DBM) for the child

In the event of any eventuality (Death/Disability) of the policy holder, the definite payment for the child will be doubled, trebled or quadrupled.

Accident Death Benefit (ADB)

In the event of an accidental death, two times of the sum assured becomes payable immediately, in addition to the basic sum assured.

Total and Permanent Disability (Due to Accident or Sickness) (ASD)

In the event of total and permanent disability of the policy holder due to accident or Sickness, ASD sum assured becomes payable in 5 installments.

Critical Illness Cover (CIC)

In the event of the policyholder suffering of a Critical illness, this Benefit becomes payable.

Hospitalization Cash Benefit (HCB)

This benefit can be obtained under family Basis, but restricted to one child who is the beneficiary.

Spouse Benefits (SPB)

Benefits can be obtained for Spouse as well.

 
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