Endowment Plan

Overview

Eligibility:

Minimum age 1 month, maximum age 55 years.

Face amount:
Minimum Rs. 50,000, maximum Rs. 15 million

Policy Term:
Can take 10, 15, 20, 25 or 30 years or maturity of plan at age 55, 60, 65.

Mode of payment:
Annual, Semi-Annual or Quarterly

Who can buy this plan? And how?

1. Any person with normal income can buy this plan for self.
   
2. Insured persons with normal income can buy this plan for others.
   
3. For person without income, only applicant with income can buy insurance plan for him/her, up to amount not more than or equal to applicant’s insurance amount (in normal case).
   First policy issue date: 01/09/2002

Rider 
Rider is an addition to an insurance policy that becomes part of the contract. It provides extra benefits as mentioned in contract in case of eventuality as covered. Some of the riders that can be attached to insurance policies are:

• Accidental Death Benefit (ADB): It provides payment of an additional sum in the event of death of insured due to accident.
• Personal Accident Coverage Rider (PA): The rider pays benefits incase of losses occurring on or after this Supplementary Contract effective date and during the period this Supplementary contract is in effect subject to the terms, conditions and exceptions contained in this Supplementary Contract. The total maximum benefits payable under this Supplementary Contract shall not exceed the Principal Sum. The benefit covered under this rider is accidental death, dismemberment and Permanent total  disability.
• Disability waiver of Premium Ride (WP): he disability waiver of premium (WP) benefit may be attached to any regular Par life insurance policy along with supplementary rider. If attached to the basic policy, it must also be attached to the riders providing additional benefits.  The WP benefit provides for waiving of premiums falling due between commencement of and recovery from total disability (as defined in the rider) which has continued for 6 (six) months or longer and which has commenced prior to maturity or expiry of the policy, or policy anniversary nearest age 60 whichever is the earlier date. WP may be offered to males and to females between ages of 15 and 55, inclusive, who are gainfully employed. Females must be self-supporting and have regular and steady salaried income from employment outside the home. WP issued to females will be at 1.5 times the standard rate.