1) As the sum assured is paid in 5 (five) stages this plan can meet the future financial needs of the policy holder five times during the term of the plan.
2) If the policy holder dies within after receiving first, second, third and fourth instalments of the sum assured, the nominee will still receive the full sum assured as death claim along with accrued bonuses. The term time for this type of plan can be 10,15,20,25 and 30 years.
The following explains in details the benefits the policy holder will receive during the various periods of the term:
The policy holder will receive:
a) 10% of the basic sum assured at the end of one fifth of the premium payment term.
b) 15% of the basic sum assured at the end of two fifth of the premium payment term.
c) 20% of the basic sum assured at the end of three fifth of the premium payment term.
d) 25% of the basic sum assured at the end of four fifth of the premium payment term.
e) 30% of the basic sum assured together with accrued bonuses on maturity at the end of the premium payment term.
The nominee will receive full sum assured on death of the assured within the term of the policy together with bonuses accrued up to the date of his/her death.
N.B: Term wise specific premium rates are attached. Half yearly and quarterly premium rates may be obtained by multiplying the annual premium rates by 0.525 and 0.275 respectively. (No rebate is allowed)