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Option 1 - the policyholder chooses the Sum Assured, plan term and the premium paying frequency.
Option 2 - the premium is then decided on the life insured’s age and the above plan parameters.
Option 3 - if the life insured dies during the term of the plan, the Sum Assured is paid in lump sum.
Option 4 - If the plan matures, no benefit is paid.
Mr.X, a non-smoking male aged 35 years, buys iLife Plan for a Sum Assured of Rs.50 lakhs. The chosen term is 30 years.
Option 1 – If Mr. X dies during the term, Rs.50 lakhs would be paid to his nominee.
Option 2 – if the plan matures and Mr.X is alive on maturity, no benefit is payable
|Age at entry (in completed years)||18 years||55 years|
|Age at maturity (in completed years)||NA||70 years|
|Term of the plan||10 years||35 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Rs.25 lakhs||No limit|
If the life insured dies due to suicide within one year of plan commencement, 80% of the premiums paid are refunded.
If the life insured dies within one year of reviving a lapsed plan, higher of 80% of premiums paid or the Surrender Value acquired by the plan is paid.
Given in the chart below are the expected rates of premiums payable by a non-smoking male at different combinations of age, Sum Assured and plan term. The premiums are assumed to be paid annually.