| Life Partner PlusTM |
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Life Partner PlusTM Limited Pay Endowment to age 75 offers you powerful triple
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On death of life insured: Initial Sum Assured Plus Sum Assured of Paid Up Additions through bonuses |
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On survival: Money backs @ 7.5% of the Initial Sum Assured will be paid on each policy anniversary from age 61 to 75. |
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On maturity: 100% of Sum Assured with Sum Assured of Paid Up Additions, if any. |
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On Surrender of Policy: Surrender value. |
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Limited Premium Payment term: You can choose to pay the premiums over 4 terms i.e. 3 years, 7 years, 10 years or 20 years. |
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Bonus: From 3rd policy year, we will declare bonuses every year. |
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Tax benefits: |
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You are entitled to the following tax benefits under Income Tax Act 1961:
- 1. Your premiums are eligible for deduction u/s 80C up to Rs.100,000/- every year.
- 2. Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.10,000/- every year.
- 3. Your claim amounts (from death, on maturity, or Money Backs or through surrenders) are eligible for tax exemption u/s 10(10D).
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| Customize your policy to meet your specific needs: |
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We offer you the flexibility to enhance the value of your policy by using the following riders/options:
- Dread Disease (DD) Rider: Pays a lump sum amount in case you contract any of the ten diseases covered e.g. Heart Attack, Cancer, etc.
- Personal Accident Benefit (PAB) Rider: Pays additional insurance coverage in case of death or disability caused by an accident.
- Term / Term R&C Riders: : Offers additional Sum Assured to match your changing needs. The R&C also allows you the freedom to buy a fresh insurance plan later in your life.
- Waiver of Premium (WOP) / Payor Riders: Waives your future premiums in case you suffer total disability. The payor rider waives future premiums on your child’s policy in case you suffer total disability.
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| Unique features in this policy: |
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- Bonuses: You can use your bonuses in the following ways:
- Withdraw in cash: bonus will be paid to you by cheque.
- Pay your premiums: bonus will be used to pay the next premium.
- Increase your Sum Assured: bonus will be used to buy additional layers of insurance cover in the existing policy by buying Paid Up Additions (PUA).
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- Terminal Illness Benefit: Pays 50% of Sum Assured (subject to maximum of Rs. 5,00,000/-) to you in case you are diagnosed to be suffering from a terminal illness that can lead to death in 6 months; you can use this money for your treatment. The balance of the sum assured and the bonuses will be payable to your family on the occurrence of the Insured Event.
- Non Forfeiture Options: In case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways
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- Reduced Paid Up: A lower Sum Assured for the remaining term of your policy.
- Extended Term Insurance: The same Sum Assured for part of the remaining term of your policy.
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In case you do not want either of the above, you can choose to take the cash value by cheque. |
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