| Insurance >> Youngsters >> Endowment Plan >> Two Way Safe Guard |
| Your present income enables you to look after your family and keep them contented and happy. But it is not only the present that matters. The Future is equally important and you have two other important duties to perform from present income: |
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| To make adequate provisions for your old age when your income diminishes. |
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| To make sure that in the event of your premature death; the present living standard of your family could be reasonably maintained. |
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| An Endowment Assurance Policy |
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| This policy is the best answer to the twin problems: |
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of living too long i.e. beyond one's earning years, and
of dying too soon i.e. before ones plans for one's near and dear ones are fulfilled. |
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| The Endowment Assurance Policy is taken for a fixed number of years. You can select the most suitable period. You pay in regular installments - called premiums - during this period, with the sure knowledge that a large guaranteed sum awaits you at a known date in the future if you survive the selected term. |
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| However, should you die any time before the end of the selected period - even after having paid just one year's premium the entire amount insured is immediately paid to your beneficiaries. |
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| What a man ordinarily needs is long years to build an estate for the future- the Endowment Assurance Policy, however, helps him to create that estate overnight - it conquers time and also temptation to squander away precious savings. |
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| Other Advantages |
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| Bonus |
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| Is there anything extra payable besides the sum assured at the time of claim settlement? Yes, but only if it is a 'with profits' policy. Every year the Life insurance Corporation distributes its profits among policyholders having 'with profits' policies in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities. |
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| Disability Benefit |
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| In case you become totally and permanently disabled due to an accident before you reach the age of 70 while the policy is in full force, you will not be required to pay further premiums. (This Disability Benefit is available in respect of the first Rs.20,000 sum assured on any one life) and your policy will continue to be in force. |
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| Accident Benefit |
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| By paying a small extra premium of Rs.1 per Rs.1000/- sum assured per year you or your family are entitled to the following benefits on death or permanent disability caused by accident Even students above the age of 18 years can avail of this benefit. |
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| If death occurs through accident before the age of 70 or before the expiry of the premium-paying period, whichever is earlier, and while the policy is in force for the full sum assured, your family will receive double the sum assured. The maximum benefit allowed on one life under one or more portion is limited to Rs.5,00,000/-. Also in case of your total and permanent disability due to an accident before the age of 70 or before the expiry of the premium-paying period whichever is earlier and while the policy is in force for full sum assured no further premiums need be paid. Further additional sum equal to the sum assured under the policy will be paid installments spread over 10 years, commencing one month after the date of disablement. (if the policy becomes a claim before the expiry of the said period of the 10 years, all unpaid installments which have not fallen due will be paid along with the claim). Payment of these installments will be in addition to the sum assured, which will become payable on the dates and in the manner stipulated in the policy. Payment of this benefit would extinguish the right to claim double the sum assured on subsequent death by accident. |
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| Premium Stoppage |
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| If you are unable to continue payment of premium at any time after you have paid at least three years premiums under your policy, you do not lose the money you have already contributed. Your policy is converted automatically into a paid-up one for a reduced sum assured, provided the reduced sum assured exclusive of any allotted bonuses is not less than Rs.250/- under a policy for original sum assured of Rs.1000/- or over and Rs.100/- under a policy for original sum assured below Rs.1000/-. The sum assured under the paid-up policy is payable on the expiry of the endowment term or on earlier death. |
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| Continuing Income |
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| Instead of receiving the claim monies in a lump sum you or your nominees or assignees can elect to receive payment of the insured sum in installments spread over a selected period of years. |
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| Loan |
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| After the policy has acquired paid-up value, you can raise a loan in a financial emergency subject to certain conditions. |
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| Income Tax Relief |
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| The Life Insurance premiums you pay are ordinarily eligible for income-tax relief subject to certain conditions. |
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| Guarantee |
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| Do not forget that the payment of your Life Insurance money is now guaranteed in cash by the Government of India. |
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| Endowment Assurance Policy (with Profit) Table No. 14 |
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| Age Next Birthday |
Endowment Term |
| 15 |
20 |
25 |
| Rs. Ps. |
Rs. Ps. |
Rs. Ps. |
| 20 |
70.00 |
50.50 |
39.65 |
| 25 |
70.15 |
50.80 |
40.10 |
| 30 |
70.65 |
51.50 |
41.05 |
| 35 |
71.65 |
52.85 |
42.75 |
| 40 |
73.35 |
55.05 |
45.55 |
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