Retire in style

RETIREMENT PLAN

 

PLAN FEATURES

The minimum age for investing is 18; the maximum is 60

Minimum vesting age is 50-70

Premium can be paid annually, half-yearly or quarterly

Regular premium - Rs 10,000 per annum

Regular premium increases Rs 5,000 per annum

Initial single premium - Rs 25,000

Single premium top-up - Rs 5,000

For regular premium policies, if the premium is not paid 15 days after the due date during the first three years of the policy, the policy will be cancelled and the unit-linked fund value, less cancellation charges, will be returned. After three years, the policy can continue without further premia, subject to the minimum fund value.

Surrender value: the policyholder can surrender the policy at any point of time during the contract term for regular premium paying policies and at any point of time after six months for single premium policies. The amount payable will be the unitised fund value after applying additional surrender charges.

For regular premium policy, the surrender charge is 20 per cent of three years' outstanding regular premia. For example: premium = Rs 10,000 per annum, paid half-yearly (Rs 5,000 per half-year).

If the policy is surrendered after 15 months, the nominee would receive Rs 15,000 as premia till that point of time. Three years' outstanding regular premia are 3 X Rs 10,000