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Step 1 – the policyholder chooses the Sum Assured and the coverage option. There are four options which are as follows:
Step 2 – the policyholder then chooses the plan tenure.
Step 3 – in case of death, the death benefit would be paid which would depend on the plan option selected by the policyholder.
Step 4 – if the insured survives the plan tenure, no benefit is paid.
An individual buys eShield Plan and chooses to opt for a cover of Rs.50 lakhs. The age of the individual is 35 years and he chooses a term of 30 years paying premiums annually.
Option 1 – He opts for level cover. The premium is Rs.10, 643 payable for 30 years. in case of death during the tenure, Rs.50 lakhs would be paid to the nominee.
Option 2 – He chooses the level cover with accidental death benefit. The premium is Rs.12, 829. If he dies during the plan tenure due to an accident, the benefit payable would be Rs.1 crore (Rs.50 lakhs Sum Assured + Rs.50 lakhs additional accidental benefit). In case of normal death, Rs.50 lakhs would be paid.
Option 3 – For the Increasing cover option the premium is Rs.13, 431. The Sum Assured increases by Rs.5 lakhs every 5 years. In case of death in any year, the increased Sum Assured is paid.
Option 4 – For the fourth option of increasing cover with accidental death benefit, the premium comes to Rs.15, 617. The Sum Assured increases by Rs.5 lakhs every 5 years. In case of accidental death, the increased Sum Assured and Rs.50 lakhs is paid. In case of normal death, the increased Sum Assured in the year of death is paid.
Option 5 – if the plan matures, no benefit is payable.
|Age at entry (in completed years)||18 years||For level cover and level cover with accidental death benefit – 65 years
For increasing cover and increasing cover with accidental death benefit – 60 years
|Age at maturity (in completed years)||NA||70 years|
|Term of the plan||For level cover and level cover with accidental death benefit – 5 years
For increasing cover and increasing cover with accidental death benefit – 10 years
|Premium paying options||Regular pay|
|Premium Paying term||Equal to the plan tenure|
|Sum Assured||Rs.20 lakhs||No limit|
Below are the sample rates of premium payable by a non-tobacco user male aged 35 years opting for different coverage options at different levels of Sum Assured and term. The premiums are paid annually for the entire duration.