High Life Insurance Coverage And Funds At Regular Intervals

FAQs ANSWERED

`What do I get, if I survive the policy term I have chosen ?’

• 40% of the Sum Insured + Bonus accrued on the full sum insured for the full policy term chosen.

`What does my nominee get if I am no more before completion of the policy term I have chosen and the policy has been kept in full force?

• Sum Insured + Bonus accrued
  

`Is there any provision for funds in between ?'

• Yes, 3 installments of 20% each of the sum insured at the end of 5, 10 and 15 years in case of 20-Year Money Back Plan, 4 instalmments of 15% each of the sum insured at the end of 5, 10, 15 and 20 years in case of 25-Year Money Back Plan.

`What does my nominee get if I am no more after completion of the policy term I have chosen '?

• Nothing. `

`How long I need to pay premium ?'

• Completion of the policy term chosen or death, should it occur earlier.

`What, if I meet with fatal accident during currency of the plan ?'

• Your nominee will receive an additional amount equivalent to the basic sum insured but not exceeding Rs 50,00,000 along with the policy proceeds, provided you have got Accident Benefit included in the policy by payment of additional premium.

`What, if I meet with an accident and become Totally and Permanently Disabled during currency of the plan?'

• You will receive an additional amount equivalent to the basic sum insured but not exceeding Rs 50,00,000 in monthly installments spread over next 10 years from the date of disablement, if you have Accident and Disability Rider included in your policy +
  
• All other benefits under the plan without any change.

`Can I increase my life insurance coverage ?'

• Yes, upto a maximum of Rs 25 Lakhs but not exceeding the basic sum insured provided Term rider has been included at the time of proposing for Money Back by payment of additional premium. `

`Can I cover onset of some diseases ?'

• Yes, by including Critical Illness Rider in your policy.

`What do I get by covering diseases '?

• Waiver of further premium from the date of onset of these diseases + an amount equal to Critical Illness Sum Assured not exceeding Rs 5,00,000, if you survive 28 days from the date of first occurence of these diseases, With all other benefits intact. `

Can I get any personal loan ?'

• Yes, after 3 years' premia have been paid-depending on the surrender value at 9.00% per annum simple interest.

`Can I use Money Back as Collateral Security for availing Housing Loan ?'

• Yes

What are the premium payment terms available ? ‘

• 20 and 25 Years.

`What are various premium payment options available to me ?

• Yearly, Half-yearly, Quarterly and Monthly with 5% more.
  

`Do I get any I.T exemption on the premium paid ?'

• Yes, within the overall limit of Rs 1,00,000 allowed under section 80C of the Income-Tax Act 1961.

`Do I have any I.T liability on the policy proceeds received on maturity/death ?'

• In case of policies issued prior to 01/04/2003, Policy proceeds received by way of maturity or death are free from income-tax under Section 10(10D) of the Income-Tax Act, whatever be the accumulated bonus.
• In case of policies issued after 01/04/2003, if the premium paid in any year exceeds 20% of the capital sum insured, all amounts received less of the total premiums paid are subject to Income-tax in the year of receipt.

`What is so special about Money Back’?

• Life Insurance coverage is for the full sum insured during currency of the policy, irrespective of the survival benefits already paid to you.
• Bonus is calculated on the full sum insured for the full policy term irrespective of the survival benefits already paid to you.
• Survival benefits received under Money Back plan offer you better investment facilities .