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Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are four coverage options to choose from which are as follows:
Step 2 – the policyholder then chooses the plan tenure and the premium paying frequency.
Step 3- in case of death, total permanent disability or diagnosis of a critical illness, the benefit would be paid which would depend on the plan option selected by the policyholder.
Step 4 – the nominee can take the death benefit in any of the following ways:
Step 5 – if the insured survives the plan tenure, no benefit is paid.
Arvind, aged 30 years, buys eTouch Plan and chooses a Sum Assured of Rs.50 lakhs. The term is 35 years and premiums are paid annually.
Option 1 – He opts for Shield. The premium is Rs.7037 payable for 35 years. In case of death during the tenure, Rs.50 lakhs would be paid to the nominee. In case of Accidental Total Permanent Disability (ATPD), future premiums are waived.
Option 2 – He opts for Shield Plus. The premium is Rs.7691 and in case of ATPD Rs.50 lakhs is paid. Future premiums are waived and the plan continues. In case of death during the chosen tenure another Rs.50 lakhs is paid.
Option 3 – Arvind chooses Shield Super where his premium is Rs.10, 153. In case of ATPD Rs.50 lakhs is paid and future premiums are waived. If the insured dies due to an accident, a total of Rs.1 crore is paid. However, if death occurs due to any other reason Rs.50 lakhs is paid.
Option 4 – For the fourth option of Shield Supreme the premium works out to be Rs.21, 162. In case of the insured undergoing Angioplasty, Rs.5 lakhs is paid. On any further illness, Rs.3.70 (75% of Rs.50 lakhs – 5 lakhs already paid) is paid. Future premiums are waived off. In case of ATPD, Rs.50 lakhs is paid. In case of death, Rs.50 lakhs less any critical illness benefit already paid is paid.
Option 5 – if the plan matures, no benefit is payable.
|Age at entry (in completed years)||18 years||65 years|
|Age at maturity (in completed years)||28 years||75 years|
|Term of the plan||10 years||40 years|
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Rs.50 lakhs||No limit|
Below are the sample rates of premium payable by a non-tobacco user male for a combination of different ages, cover option and Sum Assured. The term is taken to be 35 years and premiums are paid annually for the entire duration.