Page 49 - Insurance Times September 2015 SAMPLE
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Life Insurance Plan
Smart Humsafar
from SBI Life Insurance
A joint life, non-linked, participating endowment Premium Yearly/Half-yearly/Quarterly/
plan with multiple benefits of savings and in- Frequency Monthly
surance cover for husband and wife under a
single policy Premium Paying Same as policy term
4 Provides financial protection in the event of death of Term
either or both the lives assured Minimum Premium Yearly Half Quarterly Monthly
4 Pays death benefit to the surviving spouse in addition Yearly (excluding 6,000 3,000 1,500 500
to waiver of future premiums
taxes) (Rs.)
4 Death benefit also payable in case of subsequent death
of the surviving spouse during the policy term **All the references to age are age as on last birthday.
4 Pays a maturity amount on survival of one or both the Maturity Benefit :
lives assured at the end of the policy term
If either or both of the lives assured survives till maturity
4 Tax benefits as per prevailing norms under the Income then Basic Sum Assured + Vested Simple Reversionary
Tax Act, 1961 Bonuses + Terminal bonus, if any, will be paid provided the
policy is in-force.
How does the Plan work? Death Benefit:
The base plan is a traditional endowment plan with simple 4 First death:
reversionary bonuses which accrue till the end of the policy
term provided the policy is in force. The basic Sum Assured u If your policy is in force as on the date of first
with all accrued bonuses will be paid on survival of any or death: Higher of A or B is paid to the surviving life
both lives till maturity. On first death, Sum Assured on assured.
death is payable and the future premiums starting from
the next policy anniversary are waived off, provided the A Sum assured on death:
policy is in-force for full sum assured. On second death,
sum assured on death plus all accrued bonuses are pay- Sum assured on death is higher of Basic Sum As-
able, provided the policy is in-force for full sum assured. sured or guaranteed sum assured at maturity* or
a multiple of annualised premium (AP); where
Who can avail this plan? multiple is:
Age** at Entry Min.: 18 years Max.: 46 years Equivalent age at entry is less 10 times AP
than 45 years
Maximum Age** 65^ years
Equivalent age at entry is 45 7 times AP
at Maturity years or more
Maximum Age 20 years B 105% of all the premiums paid under the base
policy.
Difference between
*Basic sum assured is the guaranteed sum as-
the lives assured sured at maturity.
Sum Assured Min: Rs. 100,000 Max: Rs. 5,00,00,000 u Further, all future premiums starting from the next
policy anniversary will be waived off for the sur-
Policy Term Min: 10 years Max: 30 years viving life assured. Waiver of premium will take
The Insurance Times, September 2015 45
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