Please note that, pure term insurance is basically for the protection of your family in case your death during the policy period. In case you wish to provide financial stability to your family members, please go for Term Insurances. If you wish to get some benefits for the insured, please look for some other insurance policy for that you need to pay more premium when compared to pure term insurance policies. Now a days online term insurance policies are available at very low prices.
The other details of the Insurance Policy is give below
How does this plan work?
If you are over the age of 50, you can enroll for this plan till the maximum age of 85. The entry to the plan is guaranteed without any questions of the state of your health condition. In the unforeseen event of demise in the first two years of the policy, 125% of total premiums paid shall be returned. After two years, you are insured for the amount of sum insured for life. The amount of premium and cover remain the same throughout the life of the policy, except after age 90. At age 90 the policy gets even better as your premiums will stop, but your life insurance cover will continue.
Premium Payment
Your premium amount depends on your age, the sum insured at the time of buying this plan. You have the option of paying your premium in monthly, quarterly, half-yearly and yearly basis. A modal loading factor of 0.51 for half-yearly, 0.26 for quarterly and 0.09 for monthly is applicable. You have to pay premium till age 90 years and your premium amount remains level throughout. You can change the frequency of premium payment from any policy anniversary by giving us a written notice. The premiums paid under this policy may exceed the sum insured chosen by you.
The premium for 51 years old person for Rs.100,000.00 sum assured is approximately Rs. 4,500.00
Surrender
You can surrender your policy at any time after three years from the date of commencement of the policy provided you have paid at least three full years' premium.
Death Benefit
1. On the death of the insured person within 2 years from the commencement of the policy:
125% of the total premiums paid will be paid to the beneficiary
2. On the death of the insured person after 2 years from the commencement of the policy Sum insured will be paid to the beneficiary
Maturity Benefit
There are no maturity benefits
Note: For more details, please contact the insurance agent or the insurance company.
Also note that I am not an Insurance Agent
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