Features and Advantages
| Features | Protect your family’s financial security in an eventuality |
|---|---|
| Simplified proposal form for enrolment | |
| Cover of Rs.2 lakh at a reasonable cost | |
| Advantages | Safeguard your family against financial difficulties |
| Simplicity | Fast enrollment and swift processing |
| No medical examination required, acceptance is based on satisfactory health declarations in the consent form | |
| Affordability | Insure yourself for a cover of Rs.2 lakh at a nominal premium |
Benefits Information
| Maturity/ Surrender Benefit | There is no maturity or surrender benefit under this plan. |
|---|---|
| Enrolment | The date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be up to 31st May of the subsequent year. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium from your saving bank account. The premium is subject to change as specified by the Government of India from time to time. |
| In case a member wishes to join the scheme post 1st of June, he/ she can do so with the payment of full year’s/pro-rata premium based on month of joining and submission of requisite documents/declaration, if any, as specified by scheme rules. The enrolment rules would be as specified by the Government of India from time to time. Full year’s premium i.e. Rs 436/- would be payable at the time of renewal under the scheme and pro-rata payment would not be allowed. | |
| Tax Benefits | Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details. |
Plan at a Glance
| Age at Entry | Minimum: 18 years (Age last birthday) | ||
|---|---|---|---|
| Maximum: 50 years (Age nearest birthday) | |||
| Maximum Maturity Age | 55 years (Age nearest birthday) | ||
| Policy Term | One year renewable term | ||
| Sum Assured | 200000 Two lakhs only | ||
| Premium Amount | The annual premium is Rs. 436/- | ||
| In the first year of enrolment the premium applicable will be as per the table below: | |||
| Month Of enrolment | Premium payable for | Premium amount payable | |
| June, July & August | Entire policy year i.e. 4 quarters | Rs. 436/- | |
| September, October & November | 3 quarters | Rs. 342/- | |
| December, January & February | 2 quarters | Rs. 228/- | |
| March, April & May | 1 quarters | Rs. 114/- | |
| Lien Period | • 30 days from the date of enrolment into the scheme (entry date/date of commencement of insurance cover) | ||
