They also belong to the conventional insurance products,
endowment assurance type of Plans. They are money-back Plans with provision to
pay periodical survival benefit (SB) claims and the last SB claim is paid at
the end of premium paying period. Premiums are payable as fixed limited
payments – i.e. in a Plan with 15-year term premiums are payable in 12 years,
in a 20-year term premiums are payable in 15 years and in a 25-year term
premiums are payable in 18 years. The sum assured is returned during premium
paying term in the form of SB payments. At the
end of the term accrued bonus (share of profit / surplus of the insurer)
is paid on the full sum assured. Just as in the case of money-back policy, the
SB payments are specified as percentages of sum assured, it really amounts to
refund of a large portion of premiums paid, before the SB. In case of deaths
after receipt of one or more SB the SB payments are ignored and full sum
assured is settled as death claim. Bonus is also calculated on full sum
assured, ignoring SB payments. You can go through the policy conditions and
privileges by visiting topics under the label ‘Policy’.
Key words:
Conventional insurance products
Endowment assurance
Jeevan surabhi
Survival benefits
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