this is a unique product in life insurance market in India that is simple but satisfies risk and return requirements of the customer. This plan is a combination of whole life and endowment features. (see different types of insurance for expalination).
Say a person aged 30 years takes this policy for sum assured of 10 lacs for duration of 20 years and premium of say Rs x needs to be paid annually. In insurance terms the same can be expressed as ...
- age at entry = 30
- sum assured = 10 lacs
- term = 20 years
- mode = yearly
- premium = x
Death benefit: say at the end of 7 years death takes place. then SA of 10 lacs (if its due to accident then accident benefit also) + all bonus will be paid to the nominee.
survival benefit: at the end of the term of 20 years the full SA and bonus for 20 years will be paid to the customer. the best part is, after that the premium need not be paid anymore, but, the policy continues as awhole life insurace. At the time of natural death later, again the family will get the full SA of 10 lacs. Also, the customer can surrender the policy after maturity and get some more benefit.
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