Return Of Premium Term Life Insurance Companies – You hope to give your loved ones a future full of happiness and comfort. However, life is not always predictable. These problems can get in the way of planning a future for yourself and your loved ones.
Our ICICI Pru iProtect Premium Rebate offers protection for you and your loved ones against all odds, protecting your future plan while securing you lifetime benefits.
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105% of the premium paid for the whole life policy is guaranteed till the end of the policy term.
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Life benefit is paid as a fixed monthly income equal to 0.1%, 0.2% or 0.3% of the sum assured (life insurance) chosen at the beginning.
This benefit will be paid at the end of every month from the anniversary date of the policy after the age of 60 till the end of the policy period.
The life insurance is increased by 5% per annum on the selected base amount from every anniversary year in the second policy year till the anniversary year after the age of 55 of the insured. Life insurance continues until the anniversary date. If the benefit becomes double the basic sum assured during this extension period, the benefit will continue till the policy’s anniversary date after the age of 56.
From the anniversary year after the age of 56 of the insured to the year after the age of 60 of the insured, the life insurance is equal to the base policy chosen during to implement the policy.
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The life insurance is reduced to 50% of the selected basic amount at the inception of the policy from the anniversary of the year following the completion of to live to 60 until the end of the policy term.
Payable at the annuity after 60 or 70 of the insured life, at your choice at the beginning.
Sunil is a 30-year-old IT professional with big dreams for himself and his family. Sunil saw the need for protection in his fast-paced life, where he wanted to be safe from unforeseen circumstances, especially in his first few years in charge. He opted for the iProtect Return of Premium with Life-stage cover plan option with a sum assured of Rs. 5 crore, cover till age 70 and premium till age 60.
The plan ensures that Sunil will have enough life insurance to meet his variable obligations at each stage of life, and he will also receive 105% of the premium at the end of the policy’s lifetime.
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Note: In the above chart, the sum assured starts increasing from the second policy year. For the first policy year, the life insurance is equal to the basic amount chosen at the start, i.e. Rs 50 lakhs.
Shivam is a 35-year-old manager of an insurance company. Shivam wants to make sure his wife, three-year-old daughter and retired father can live comfortably while he is away. He chooses ICICI Pru iProtect Premium Rebate and Income as a plan option. He chose an assured sum of Rs. 7.5 million to 75 years, the repayment period is 10 years, and the monthly income is 0.1% of the sum insured.
This plan ensures that he will continue to enjoy the protection of life insurance while receiving a fixed monthly income from the age of 60.
The premium option is only available under the policy purchased as a POS product. Life and Life Plus can only be selected as benefit options for policies sold as POS products.
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Maximum limit: According to the sum assured you choose, based on the maximum limit shown in the underwriting policy approved by the board.
ADB Benefit: Accidental death benefit is applicable for the policy term or (age 80 – joining age), whichever is less.
For cashback plan options and income benefit plans, the ADB sum assured may be less than or equal to the principal sum assured.
For life cover premiums and early premiums on life plan options, the maximum ADB sum assured can be 50% of the principal amount chosen at the outset. .
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For policies derived from POS products, the ADB amount confirmed will be the same as the original account selected at the start.
Normal premium: CI benefit for policy term or 40 years or more (at age 85 at entry), whichever is less.
For return to pay and income plan options, the guaranteed CI amount may be less than or equal to the original guaranteed amount selected at the outset.
For lump sum repayments in the form of life or early repayments in life plan options, the maximum CI sum assured is 50% of the principal amount chosen in the initiation.
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12, 15 and 20 year annuity terms do not provide critical illness benefit.
It’s not possible. Life cover is available with two plan options: “Return of Premium with Life-stage cover” and “Early return of premium with Life-stage cover”. Level cover is available with two plan options: Premium Back and Income Benefits.
For the “Income” and “Lump Payment and Income” option, the claimant, depending on the situation, can choose to convert the unpaid income into a lump sum and the policy will expire later. of lump sum and all. right, benefit and interest will be extinguished. A lump sum is the present value discounted at 2% per year.
If ADB is not opted in at the outset, you can choose to add an Accidental Death Benefit (ADB) to your regular premium policy at any time during the life of the policy (except for 5 years past). The membership of the ADB will start from the next anniversary.
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CI Benefit provides cover for 64 critical illnesses, 60 are major critical illnesses and 4 are minor critical illnesses. 100% of CI Sum Assured will be paid on first occurrence of any major critical illness covered. Also, 4 minor diseases are covered: Angioplasty, Early Stage Cancer (Carcinoma in Situ), Brain Aneurysm Surgery and Small Bowel Transplantation and 25% of CI Sum Assured or INR 500,000 Indian Rupee, whichever is lower, is covered. for any of the four diseases. .
CI Benefit is available for a single and limited payment with a maximum benefit period of 15 years. For regular payments, the maximum period under CI benefits is 40 years with a maximum retirement age of 85.
If a small CI claim is paid, CI cover and premiums will be reduced. Upon payment of a large CI claim, the CI benefit will be terminated and no payments will be made against CI.
Once the CI benefit period ends, there is no need to pay CI benefit related fees. Customers must continue to pay for all other benefits in order to receive other benefits.
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For all benefits payable under the Critical Illness Benefit, a 7 day survival period applies. This refers to the time of the insured to survive from the time of confirmation and to meet the definition of the covered condition before the benefits are paid.
1 Life insurance includes a death benefit that is payable in the event of the death of the insured during the term of the policy. For the Return of Premium plan, the death benefit is a) the sum assured at the time of death b) the principal sum assured paid at the time of death c) (subject to limited interest and ordinary interest only) 105% of the total amount paid up to the date of death. If the sum assured on death is 7 X the annual premium for regular and limited premiums and 1.25 X the lump sum for single premiums; for the Fixed Income plan option, the death benefit is the maximum of:a ) Sum on death b) 105 % of the sum paid up to the date of death. Among them, the death insurance amount is 10 X the annual premium. For Lifetime Phase Premium Return and Lifetime Phase Premium Early Return plan options, the death benefit is a) 105% of the sum assured at the time of death b) the sum paid till date of death c) amount payable at the time of death Full Sum Assured if 7 X Annuity Assured on Death
2 In the case of life insurance, the sum assured to be paid on death will be based on the age of the insured as stated below.
3 Return Premium refers to the sum of all premiums received, excluding premiums for optional benefits, ie.
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4 Critical Illness: The CI benefit is an additional optional benefit that is initially selected and is available in conjunction with the Life & Health and All-in-One benefit options. The CI Sum Assured is paid as a lump sum on the insured’s first illness with any of the 60 major critical illnesses covered by CI Benefit.
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