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Main Features:
• The Proposer is called PLA (Principal Life Assured) and the spouse is called
SLA (Spouse Life Assured)
Benefits:
• On maturity:
i) Fund Value of the policy. (to PLA & SLA on joint discharge if both are
alive, else to the surviving PLA/SLA)
In case of Mly(ECS)..
Mly premium to be Rs.1000/- p.m. for terms 15 to 20
yrs. & Rs.1500/- p.m. for term 10 yrs. and further in
multiple of 250.
Increase/Decrease in Sum The PLI can decrease the sum assured for self/spouse or
Assured for both only once during the policy term. The sum
assured so reduced cannot be restored. No increase in
sum assured is allowed.
Partial Withdrawals • Allowed at any time after 3rd policy anniversary
(provided 3 years premiums have been paid in a
regular premium policy).
• In a regular premium policy, after withdrawal,
there should remain a balance equal to two years
annualized premiums. In a Single Premium
policy, there should remain a balance of Rs.5000
or 10% of the single premium, which ever is
higher.
• Partial withdrawals from out of the top up fund
shall be allowed only after 3 years of the top up
date.
Settlement Option The maturity claim amount can be taken in yearly/half
yearly installments spread over of period of 5 or 10
years.
Option to transfer the death Allowed if the surviving PLI/SLI so desires. There is no
benefit sum to the fund value. waiting period for making withdrawals from out of this
amount.
The PLI has the option to get the cover continued beyond
the revival period. For this he/she has to apply at least
one month before the expiry of the revival period. The
cover will continue by application of fund value so long as
the balance in the fund value is more than one
annualized premium.
PREMIUM ALLOCATION CHARGES
Single Premium Up to 15,00,000 …. 4.25%
Over 15,00,000 ….. 4.00%
Premium per Annum First Year 2nd and 3rd year Subsequent year
Allocation allocation charge allocation charge
Charge
10,000 – 1,50,000 29.00% 5.00% 2.50%
1,50,001-2,50,000 28.00% 500% 2.50%
2,50,001 ONWARDS 27.50% 500% 2.50%
Charges for top up.. 1.25%
FUND TYPES
Fund Name Investment in Gov. Short term Investment in Fund goals
Securities/Govt. Investment such as Listed Equities
guaranteed Money Market
securities and instruments
Corporate Debt.
Bond Fund Not less than 60% Not more than NIL LOW RISK
40%
Secured Fund Not less than 45% Not more than Not less than 15% STEADY INCOME –
40% and not more than LOWER TO MEDIUM
55% RISK
Balanced Fund Not less than 30% Not more than Not less than 30% BALANCED INCOME-
40% and not more than and GROWTH- MEDIUM
70% RISK
Growth Fund Not less than 20% Not more than
Not less than 40% LONG TERM CAPITAL
40% and Not more than GROWTH – HIGH RISK
80%
THERE IS OPTION TO CHOOSE ONE FUND AT A TIME.
CHARGES
Mortality Charge i) on the life of PLA for the PLA sum assured;
ii) on the life of SLA for the SLA sum assured;
Waiver of Premium To be calculated for the age of PLA and the sum to be taken
Charge would be equal to the total of all future premiums and
outstanding premiums of the current policy year.
Policy Administration First Year.. Rs.60/- PM.
Charge 2nd Year….. Rs. 20/- PM
3rd year Rs.20/-PM + 3% of Rs.20/-.
4th year Rs.20/-PM + 6% of Rs.20/-.
5th year Rs.20/-PM + 9% of Rs.20/-.
[and so on increasing @ 3%]
Fund Management Bond Fund Secured Balanced Growth Fund
Charge Fund Fund
0.50% 0.60% 0.70% 0.80%
@ 10.30% of (i) Premium Allocation Charge(ii) Policy
Service Charge Administration Charge (ii) Mortality Charge (iii) Fund Management
Charge (iv) Switching Charge (v) Alteration charge .
COMMISSION RATES
Regular Premiums
Distributor Type First Year 2nd and 3rd Year Subsequent Years
Individual Agents 12% 4% 2%
Corp. Agents 12% 4% 2%
Brokers 18% 4% 2%
One time bonus commission @ 40% of the first year commission in regular premium
policies for Individual agents and Corporate Agents.