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This is a limited payments unit-linked life insurance policy. The term of the policy is fixed at 10 years and the premium paying term is five years.
There are two options under the plan — higher of the fund value or sum assured and sum assured + fund value. The sum assured is 10 times the annual premium if the age of the policy holder at the time of entering the policy is between 18 years and 44 years, and seven times if the policyholder is aged between 45 years and 70 years at the time of buying the policy. The policy has inbuilt double accident benefit. In case the life assured dies in an accident, an additional sum equal to the basic sum assured will be paid to the beneficiary under the policy.
Eligibility:
The minimum entry age is 18 years and the maximum entry age is 70 years. The maximum maturity age is 80 years. The minimum premium under the plan is . 18,000 per annum.
Fund Options:
You can choose from six funds. You can invest in a single fund based on your risk appetite or make allocation to multiple funds available under the plan. You can also switch between the funds and redirect your future premiums. The plan offers partial withdrawal facility after the completion of five policy years.
Charges:
There is no premium allocation charge, but the policy administration charge is 0.50% of the annual premium deducted monthly subject to a maximum of . 6,000 per year. Fund management charges are in the range of 1% to 1.35% depending on the option of funds available under the plan. The accident death benefit comes at an additional cost of . 1 per . 1,000 sum assured.
Limitations:
The maximum term under the policy is only 10 years, which may not be adequate if you are young. The policy administration charge is 0.50% of the annual premium deducted monthly, which turns out to 6% per annum. This will affect the net yield from the policy.
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