Single Premium Endowment Plan Highlights
- Single premium
- With profit endowment plan
- Minimum age at entry is 90 days
- Loan available after completion of one year
- Back dating is allowed
Maturity benefit
- Sum assured
- Simple reversionary bonuses
- Final additional bonus, if any.
Death benefit
- After commencement of risk - Sum assured plus vested simple reversionary bonuses and final additional bonus, if any.
- Before commencement of risk# - Return of single premium excluding taxes and extra premiums, if any.
# in case the age at entry of life assured is less than 8 years, risk will commence either 2 years from the doc or policy anniversary after completion of 8 years of age whichever is earlier, for others risk shall commence immediately.
Loan on single premium endowment plan
- Available after completion of 1 policy year.
- Amount of loan will depend on year of policy and policy term.
- The maximum loan shall be granted as a percentage of surrender value (sv).
Eligibility conditions and restrictions:
| Particulars |
Description
|
| Age at entry | 90 days (completed) to 65 years (nearest birthday) |
| Age at maturity | 18 to 75 years |
| Policy term | 10 to 25 years |
| Premium mode | Single premium only |
| basic sum assured | 50000 and above ( in multiples of 5000) – no upper limit |
Surrender Value: Higher of guaranteed surrender value or special value shall be payable.the policy can be surrendered at any time during the policy term.
Guaranteed surrender value (GSV): 1st year ~ 70% of single premium excluding taxes and extra premium, if any. Thereafter ~ 90% of single premium excluding taxes and extra premium, if any. plus surrender value of vested bonuses.
Special surrender value (SSV): Discounted value of sum assured and vested simple reversionary bonuses
Why should you take single premium endowment plan - Table No 817
S~ Single premium – One time investment.
P~Protection – Risk cover for full sum assured.
E~ Excellent for meeting educational needs of young ones.
C~ Children from the age of 90 days can be covered.
I~ Ideal for investment planning-wide range of policy term.
A~ Attractive – Participates in profits.
L~ Liquidity through loan.
P~Protection – Risk cover for full sum assured.
E~ Excellent for meeting educational needs of young ones.
C~ Children from the age of 90 days can be covered.
I~ Ideal for investment planning-wide range of policy term.
A~ Attractive – Participates in profits.
L~ Liquidity through loan.
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