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“This plan is meant for customers looking at safe and secured returns with very little risk,” Yateesh Srivastava, chief marketing officer & head (talent), said. It offers customers guaranteed payouts that start after the premium paying term is over. The payouts are paid out annually for a period equivalent to the premium-paying term. It comes with two premium-paying terms of seven and 10 years.
The payout period is defined as the period starting from one year after the end of the policy term for a period equal to the policy term. The policy offers maturity benefit in the form of a guaranteed percentage of the annual premium. After the end of the policy term of seven or 10 years, at the end of each year, it offers 150 or 175 per cent of the annual premium, for the number of years equal to the policy term.
In case of death of the life assured during the policy term, the future premiums are waived-off and the nominee receives the guaranteed payout, as scheduled, during the payout period. It also offers an option to the nominee to take the present value of the future payout at any point in time, during the policy term.
The policy does not lapse if the premium is paid for a period of two years as it continues with the paid-up sum assured.
The minimum age to enter is 25 years whereas the maximum is 53 or 50 years, depending on the tenure of the policy. The maximum age at maturity is 60 years.
The minimum annual premium for those less than 45 years is Rs 25,000 with a maximum of Rs 2,50,000. For those above 45 years of age, the minimum premium is Rs 40,000, with a maximum of Rs 2,50,000 per annum.
