| ForeverLife
A peaceful and secure retired life is everybody's dream
and the earlier you start saving for it, the better it is as is evident by the following
example.
It provides regular income for life, after a stipulated date. The amount you receive
depends on the premium you pay till the stipulated date and the option you choose. It also
offers life cover during the deferment phase.
A deferred pension has 2 phases:
Deferment phase:
This period is one where you pay regular premiums. In the unfortunate event of your death
during this phase, a regular income stream is automatically provided to your spouse.
The amount payable is determined on the basis of your sum assured plus guaranteed
additions plus vested bonuses.
Payout Phase:
This begins at the vesting age specified by you. Based on the option you choose, you
receive regular income for life.
At vesting, you will have the option of taking 25% of the sum assured, guaranteed
additions and the vested bonuses as an immediate lump sum.
The remaining 75% will provide you with a regular stream of income for life. The amount
you receive will depend on the option you choose.
You have the alternative of choosing from one of the following options:
• Lifetime annuity: annuity for life.
• Life annuity certain for 5, 10, 15 years: Annuity is paid for chosen term and for
life thereafter.
• Life annuity with return of purchase price: life annuity with return of purchase
price on death
to the beneficiary.
• Joint Life, last survivor annuity: life annuity to you and then to your spouse with
return of
purchase price to the beneficiary on death of last survivor.
You can choose these options at any time, but before 6 months of the vesting date.
Riders are the additional benefits that you can add on to your policy. You can opt for
riders at the time of taking the basic policy at a marginally incremental cost. No bonuses
are paid on the riders.
You can opt for one or more of the following riders:
• Major surgical Assistance
• Level term Insurance
• Accident and disability benefit
• Critical Illness Benefit
Highlights
- You can apply if you are between 18 and 55 years of
age. The minimum sum assured you should apply for is Rs. 50,000 and the minimum term
is 10 years. The vesting age can be between 45 and 65 years.
- Your policy acquires a paid up value after premium have been paid for 3 years
.A guaranteed surrender value is payable to you if you decide to terminate
your policy after 3 years premiums are paid. However, the insurance protection
provided under this policy will also cease.
- If the Life assured commits suicide whether sane or insane, within one year from
the date of commencement of the policy, the policy shall be void and the premiums
paid hereunder will be refunded after deducting the expenses incurred by the
Company for the issue of the policy. |