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Life Gain™ Endowment Plan |
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Because emergencies can arrive at any time.
You have many thoughts and dreams for your family and yourself. You want to buy a house once you retire, you wish to send your children to the best schools that money can offer, you want to get them married and settled, you want to go out on a long leisurely vacation with your spouse, and many more. Endowment plans allow you to accumulate your savings for these needs and ensure that the money is available to take care of them.
Life Gain™ Endowment (Participating Plan) provides you with an insurance cover that is guaranteed during the tenure of the policy. This policy also builds cash value, which you can use during your lifetime to fund any unforeseen needs either by surrendering accumulated PUAs or taking a loan. This plan not only takes care of your savings and investment needs but also guarantees you a life cover protection. In addition, this policy is also eligible for bonuses. The Company may declare bonuses, from time to time, from the third policy year and these will be paid out, based on your choice of bonus options.
- Guaranteed Financial Protection
- Tax benefits on premiums and maturity proceeds
- Additional protection through riders
- Bonus declared every year from 3rd policy year onwards
Eligibility Criteria
| Criteria |
Eligibility |
| Entry age |
91 days – 65 years (10 year plan)
91 days – 60 years (15 year plan)
91 days – 55 years (20year plan)
91 days – 50 years (25 year plan)
91 days – 50 years (to Age 60 plan) |
| Maturity Age |
75 Years |
| Minimum Sum Assured |
Rs. 50,000 |
| Maximum Sum Assured |
No Limit (subject to underwriting) |
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| Living Benefit |
- Sum Assured plus Guaranteed Addition @ 10% of Sum Assured plus accrued bonus plus terminal bonus (if any)
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| Death Benefit |
- Sum Assured plus accrued bonus
- However , in the case of death before the age of 10 we will refund the premiums with interest
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| Bonus Options |
- Paid in Cash
- Premium Offsett
- Paid up Additions
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| Non-Forfeiture Options |
In case you are unable to pay your premiums, your policy will lapse and the cash value will be used to buy you insurance coverage in one of the following ways:
- Reduced Paid Up: A smaller Sum Assured for the remaining term of your policy
- Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy
In case , you do not want either of the above then you can opt to take the cash value by cheque. |
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| Dread Disease Rider |
Personal Accident Benefit Rider |
Term / Term R&C Riders |
| Waiver of Premium (WOP) / Payor Riders |
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| Age |
20 – 50 Years (depending upon Term) |
| Benefits |
Incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. |
| Tenors Available: |
Pick-a-Term: Minimum 10 Years
Maximum 40 Years |
| Expiry Age |
60 Years |
| Minimum Face Amount |
Rs 1 lac |
| Maximum Face Amount |
The lower of base face amount or Rs. 10 Lacs |
| Benefit Features |
Gives an additional benefit upon diagnosis of any of the ten diseases viz – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve Replacement/Repair |
| Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes |
For each frequency, multiply by theappropriate factor:
| Annual |
1.000 |
| Semi Annual |
0.520 |
| Quarterly |
0.265 |
| Monthly |
0.090 |
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| Age |
20 – 55 Years |
| Benefits |
The Personal Accident Benefit is a low cost additional benefit that is paid in case the insured’s death or total and permanent disability is caused by an accident.
Total and Permanent Disability means accidental injuries which, within 180 days from the happening of such accident and independently of all other causes, results in:
- irrecoverable loss of entire sight in both eyes; or
- amputation or loss of use, of both hands at or above the wrist; or
- amputation or loss of use, of both feet at or above the ankles; or
- amputation or loss of use, of one hand at or above the wrist and one foot at or above the ankle,
such that the life insured becomes incapable of engaging in any gainful activity or carrying out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit.
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| Expiry Age |
60 Years |
| Minimum Face Amount |
Rs 1 lac |
| Maximum Face Amount |
The lower of base face amount or Rs. 40 Lacs |
| Benefit Features |
Includes benefit incase of accidental death or permanent and total disability |
| Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes |
For traditional policies, multiply by the appropriate factor:
| Annual |
1.000 |
| Semi Annual |
0.520 |
| Quarterly |
0.265 |
| Monthly |
0.090 |
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| Age |
20 – 55 Years |
| Benefits |
The term rider is a pick-a-term plan available for a minimum term of five years up to the age of 60. The rider allows the insured to purchase additional coverage at low cost. The benefit is paid on the untimely death of the insured. |
| Expiry Age |
60 Years |
| Minimum Face Amount |
Rs 1 lac |
| Maximum Face Amount |
The lower of base face amount or Rs. 5 lacs |
| Premium per Rs ‘000 for a for a male of age for 5 years |
Rs. 2.70 |
| Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes |
For each frequency, multiply by the appropriate factor:
| Annual |
1.000 |
| Semi Annual |
0.520 |
| Quarterly |
0.265 |
| Monthly |
0.090 |
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| Age |
20 – 45 Years (Whole Life Par)
20 – 55 Years (All other plans) |
| Benefits |
The waiver of premium protects the life insured from the burden of paying the premiums on his insurance in case he/she gets totally disabled. “Total Disability” or “Totally Disabled” refers to the life insured becoming permanently and totally disabled as a result of injury or sickness and is thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit. |
| Expiry Age |
55 Years (Whole Life Par)
60 Years (All other plans) |
| Minimum Face Amount |
Linked to Base and relevant rider Premiums |
| Maximum Face Amount |
Subject to underwriting |
| Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes |
For each frequency, multiply by the appropriate factor:
| Annual |
1.000 |
| Semi Annual |
0.520 |
| Quarterly |
0.265 |
| Monthly |
0.090 |
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| Age |
20 – 38 Years |
| Benefits |
The GIO allows the life insured to purchase additional insurance, similar to the base insurance, over many aged linked dates. In addition there are two life events – Child Birth (includes adoption) and Marriage that allow the insured to buy additional insurance. The age linked dates are every 3 years from the date of purchasing the policy term. Subject to the limits, the insured need not to give evidence of insurability while taking additional life insurance. A maximum of 7 options will be allowed. The limit includes all life event linked options also. |
| Expiry Age |
41 Years |
| Minimum Face Amount |
25% of the Base Face Amount |
| Maximum Face Amount |
Maximum face amount that can be purchased at each option age is the lower of one the base f ace amount at issue or Rs. 2.5 lakhs. Option available at every third Policy anniversary from date of issue along with extra options at child birth & Marriage are subject to overall cap of 17.5 lakh for all 7 occasions. |
| Calculation of Modal Premiums, Semi Annual, Quarterly , Monthly Modes |
For the following frequencies multiply by the factor given below:
| Annual |
1.000 |
| Semi Annual |
0.520 |
| Quarterly |
0.265 |
| Monthly |
0.090 |
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