Step 1 – the policyholder chooses the Sum Assured, plan term and the premium paying frequency.
Step 2 – the premium is then decided on the life insured’s age and the above plan parameters.
Step 3 – if the life insured dies during the term of the plan, the Sum Assured is paid in lump sum.
Step 6 – 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|
What is not covered by the plan?
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.
No, no additional riders are offered with the plan.
Premiums can be paid either annually or half-yearly throughout the term of the plan.
A lapsed policy can be revived by paying the outstanding premiums, proof of continued renewability and a revival fee of Rs.250. Revivals are allowed only within 2 years from the date the first premium was unpaid.
Yes, it can be. There is a free-look period in the policy of 30 days. The policyholder can cancel the plan within 30 days of its issuance during this free-look period.
Females are gives a 5% discount on the rate of premium charged from their male counterparts.