FAQs ANSWERED
`What do I get, if, I survive the policy term I have chosen ?’
- 25% of the Insured amount with accrued bonus on the full insured amount for the full policy term chosen.
- It is payable in 3 installments of 25% each at the end of n-3, n-2 and n-1 years where n is the policy term chosen.
- Your nominee will get Sum Insured + above installments as and when they are due.
- Completion of the policy term you have chosen stopping at your expiry, should it occur earlier.
- Nothing.
- Your nominee will receive sum insured + an additional amount equivalent to the basic sum insured but not exceeding Rs 50,00,000 + all the installments as above, provided you have got Accident Benefit included in the policy by payment of additional premium.
- No
- Yes, after 3 years' premia have been paid-depending on the surrender value at 9% per annum simple interest.
- 18 to 25 years
- Yly, Hly, Qly and Single Premium.
- Yes, within Rs 1,00,000/- cap as allowed under section 80C of the I.T Act along with other savings covered under the same section.
- 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.
- This is one of the very few plans where the benefits payable are time bound and independent of whether you are there or not. As a result, your financial planning become very easy. More so when you as parent need to plan your childrens' future. May be, you want the funds to be released only after a particular time. This plan works admirably well.
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