Features
This is the best form of life assurance for family provision since it enables the Life Assured to pay all the premiums during the ordinarily vigorous and most productive years of life. He need not pay any premium in the later stages of life if and when his conditions might become adverse.

With Profits Limited Payments Policies do not cease to participate in profits after completion of the premium paying period but continue to share in the periodical Bonus Distribution until the death of the Life Assured.

If the policyholder pays at least 3 years' premiums and then discontinues paying any more premium, a reduced paid-up assurance policy comes into force.

Such a reduced paid-up Policy will not be entitled to participate in the profits declared thereafter, but such Bonus as has already been declared on the Policy will remain attached thereto.

Benefits

Bonuses
This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided a policy has run for certain minimum period.

Death Benefit
The Sum Assured plus all bonuses to date is payable in a lump sum upon the death of the life assured.

Maturity Benefit
This is a whole of life assurance plan and hence does not have a maturity date. You, however, have the option to take the Sum Assured plus all bonuses declared under the policy anytime after 40 years from the date of commencement of the policy provided you have attained, at least, 80 years of age.

Supplementary/Extra Benefits(optional)
An additional premium is required to be paid for these benefits.

Surrender Value
Surrender value is available under the plan on earlier termination of the plan.

Guaranteed Surrender Value
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra/additional premium.

Survival Benefit
Sum assured plus accumulated bonuses and the terminal bonuses, if any, on the policyholder attaining age 80 years or on expiry of term of 40 years from the date of commencement of the policy whichever is later.

Death Benefit
Sum assured plus accumulated bonuses and the terminal bonuses, if any, on the death of the policyholder are paid to his/her nominees.

Eligibility

Min Entry age: 12 (nearer birthday)
Max Entry age: 60
Min Sum assured: Rs 50000
Max Sum assured: NO LIMIT
Min Term: 5 Years
Max Term: 55(Max. Prem. ceasing age is 70)
Maximum premium paying period: 80 yrs. of age or 40 yrs. of premium paying term from the date of commencement whichever is later
Mode of Payment: Yearly, half yearly, quarterly, monthly, salary saving scheme
Policy loan available: Yes