It is a unit linked, investment-oriented insurance plan offered
by ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. which gives more benefits
than any other life insurance plan. It provides flexibility and
gives the right balance between protection and savings during your
lifetime. You can vary the amount of insurance protection and savings
element for the same premium. It helps you to plan for your future
the way you live.
Features of the Policy
|
Min.
and Max. Age at Entry |
:
0 Years and 65 Years |
|
Min. and
Max. Term of the Policy |
:
10 Yrs and 75 Yrs |
|
Min. Sum
Assured |
:
Annual Premium X (Term / 2). Subject to a minimum sum assured
of Rs. 1 lac. |
|
Riders
available |
:
Accidental death and disability and Critical Illness Benefit
Rider. |
|
Maturity
value |
:
Fund value on maturity. |
|
Surrender
Value (End of 3 yrs) |
:
98% of unit value. |
|
Surrender
Value (End of 4 yrs) |
:
99% of unit value. |
|
Surrender
Value (End of 5 yrs) |
: 100%
of unit value. |
|
Tax Benefits |
:
Premiums Paid are Eligible u/s 80C, Withdrawals after Tax
free u/s 10 (10D) |
|
Death Benefits |
:
Incase of death, the nominee will get the higher of death
benefit opted or fund value. |
|
Surrender
after 3 years premiums are paid |
If all 3 years
premiums are paid and subsequent premiums are not paid, the
policyholder can revive the contract within two years. During
this two years insurance cover will continue. If the policyholder
has opted cover continuance option, the insurance cover will
continue as long as the fund value is sufficient to meet mortality
and administration expenses, maximum up to the policy term.
If the policyholder has not opted cover continuance option
then at the end of reinstatement period policy will be terminated
and fund value will be paid to the policyholder. |
| Vary the insurance
protection and savings. |
| Cover continunce
option after payment of 3 yrs premium. |
| Increase or Decrease
of Premium amount and Policy Term is Not Allowed. |
Example: Mr.
Singh aged 30 yrs buys LIFE TIME SUPER Policy in Dec'2002 for a
term of 10 years and opts for Life Risk cover of Rs. 5,00,000/-.
He decides to pay an annual premium of Rs. 50,000/-.
However he only pays premium for the mandatory
first 3 years and let the investment corpus accrued take care of
Future Insurance cover as well as Growth. Let us analyse the performance
of his investment as on today.
| Investment
Date |
Premium
Amount |
Mortally
Charges |
NAV
Rs. |
No.of
units
alloted |
Total
units
Accumulated |
Accumulated
Value. Rs. |
01-Dec-02 |
50,000 |
730.00 |
10.92 |
3687.7289 |
3687.7289 |
40270.00 |
01-Dec-03 |
50,000 |
685.00 |
18.96 |
2403.2174 |
6090.9464 |
115484.34 |
01-Dec-04 |
50,000 |
572.00 |
23.55 |
2013.8884 |
8104.8348 |
190868.86 |
01-Dec-05 |
- |
460.61 |
32.59 |
- |
8090.7014 |
263675.96 |
01-Dec-06 |
- |
352.12 |
46.98 |
- |
8083.2063 |
379749.03 |
27-Jul-07 |
|
|
52.20 |
|
8083.2063 |
421943.37 |
| |
| · Annual
Premium |
: 50,000/- |
| · Total Premium
Paid |
: Rs. 1,50,000/- |
| · Value as on 27-July-2007 |
: Rs. 4,21,953/- |
| · Effective Yield
(XIRR) |
: 31.80% |
| · Term of the Policy |
: 10 Years |
| · Premium Paid
(Yrs) |
: 3 Years Only. |
| · Insurance
cover of Rs. 5,00,000/- continued for the Term. |
|
The above
table shows the actual growth of the invested fund during the last
few years. The policy holder has paid premium for only three years
but if he pays for 4 years, he is entitled to bonus units.In your
case I will need to know how much premium do you wish to pay? On
whose name do you want the policy as the younger the person, the
more the benefit as lessor amount is kept aside for mortality charges
and more is invested in the market. Also no medicals are required
if the age group is below 45 years and you can even take a policy
while staying abroad. Hence please let us know your details and
expectations for us to plan the best plan for you.
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