Anticipated Endowment Insurance plan is commonly known as 3 stage payment plan. The policy holder mainly receives 2 (two) benefits by entering into this sort of plan which are given below:
1) This type of plan will be able to meet the future financial needs of the policy holders more than once as the sum assured will be paid to the policy holders in 3 (three) stages.
2) If the policy holder dies within after receiving one or two installments of the sum assured, the nominee will still receive the full sum assured. The term for this type of plan can be 12,15,18,21 and 24 years.
Under this plan the following installments of sum assured will be paid during the periods of the term:
a) The policy holder will receive 25% of the basic sum assured at the end of one third of the premium payment term.
b) The policy holder will receive another 25% of the basic sum assured at the end of two thirds of the premium payment term.
c) The policy holder will also receive the remaining 50% of the basic sum assured together with accrued bonuses on maturity at the end of the term. On death of the policy holder sum assured would be paid to nominee with accrued bonuses.
N.B: It can be noted that, the popularity of this life insurance product is going up day by day.
"However, the policy holder cannot take family protection plan/family pension plan as a supplementary cover to this policy"
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)