| Insurance >> Professionals >> New Jeevan Shree |
| Table No. 162 |
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| Salient Features |
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| 1. Available for policy of 5, 10, 15, 20 .and 25 years with flexible premium paying terms as shown below : |
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| Policy Term |
Premium Paying Term |
| 5 |
1, 2 or 3 |
| 10 |
1, 2, 3, 4 or 6 |
| 15 |
1, 2. 3, 4, 6, 8 or 10 |
| 20 |
20 , 2, 3, 4, 5, 6. 8, 10 or 12 |
| 25 |
1, 2. 3 4, 5, 6, 8, 10, 12 or 16 |
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| 2. Guaranteed Additions |
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| Rs. 75 per Rs. 1000 S A. per year |
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| 3. Loyalty Additions |
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| Policy Term Completed |
% Addition to basic Sum Assured |
| 5 - 9 yr |
5% |
| 10 - 14 yr |
12.5% |
| 15 - 19 yr. |
25.0% |
| 20 - 24 yr. |
40.0% |
| 25 yrs |
75.0% |
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| 4. Cash Rebates for Large Sum Assured |
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| Sum Assured |
Rebate |
| Rs. 5 lakhs and above but less than Rs. 20 lakhs |
Rs. 3/s- per 1000 |
| Rs.20 lakhs and Above but less than Rs.50 lakhs |
Rs. 4/- per 1000 |
| Rs..50 lakhs and Above |
Rs. 5/ per 1000 |
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| 5. Tax Benefits |
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- 20% off Under Section 88
- 100% off Under section 37(l) when treated as expenses of the firm under Key Man insurance
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| 6. Transferability of Ownership |
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| When the policy is taken on the life of a KEYMAN Ownership of the policy can be transferred from one employer to another on mutually agreed terms subject however, to the financial underwriting requirements of the Insurer. The policy can also be transferred in the keymans name through an absolute assignment on payment of the Surrender Value on date of transfer. |
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| 7. Maturity Benefit |
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| The Maturity proceeds of the policy can also be taken in a maximum of 5 annual installments. This facility has great potential for being used to buy pensionary benefits in a phased manner for senior executives. It can also be advantageous from the tax liability angle. |
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| 8. Life Cover |
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| While giving a good yield (rate of return ) the policy guarantees a life cover equal to the full Sum Assured as long as the policy is in force. |
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| 9. Policy Loan |
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| Loan will be available after completion of one policy year provided premiums have been paid atleast for 1/10th of the premium paying term subject to a minimum of one full years premium. |
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| 10. Policy can be Self - Financing |
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| After 3 full years premiums or one have been paid the policy can be kept in full force with the premiums advanced out of the loan values that accrue at the end of each year. When taken under Keyman Insurance, the interest on such loan may be claimed as business expenses. The loan thus available is far in excess of the Net premiums payable. Hence further funds are generated / accrued for future investment purpose. |
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