Its a unit linked deferred pension plan which can be opted with / without life cover.
Life risk is covered equal to single premium or upto 20 times of regular premium paying mode upto 40 years of age, otherwise 10 times.
Top-up ( Additional Premium ) can be paid in multiples of Rs.1000 without any limit provided all the due premiums have been paid under the policy.
Allocated premiums will be invested in one out of four funds which the Life Assured has chosen, viz. Bond Fund, Secured Fund, Balance Fund and Growth Fund. The life assured can switch from one fund to another at his discretion.
Life Coverage charge and double Accident benefit charge, if opted for will be adjusted from the allocated premium. Policy administration, fund management charge etc., will also be adjusted by cancelling the units at the appropriate rates
The pension will be calculated on the vesting date which will be bid value of units in the policy holder's unit account, 1/3rd of the payable amount can be commuted which is exempted under the Income Tax Act.
If the policy holder dies before the vesting date of pension, the nominee will be paid sum assured( if life cover is opted for ) plus bid value of the units held in his account.
Policy can be surrendered after a period of three years. No surrender charge is levied. CIR limit increased to 10 lacs.
Minimum Premium - If life risk is not opted, Regular mode Rs.5000/-
Monthly ECS - Rs.1000 and Single Premium - Rs.10,000/- and Max. Premium - No limit
Eligibility
Min / Max. Entry Age
18 - 74 years ( without Life Cover )
Min Def. Pd.
5
Min S.A. ( with Life Cover )
NIL ( w/o life cover )
Modes Allowed
Yearly, Half Yearly, Quaterly, Monthly ( ECS only), Single
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