Endowment Plan

Every parent wish to provide good education to their child and ensure that they have bright future. In order to fulfill that wish, a lump sum amount of money is needed that can be used for their higher education or for their marriage or other social rituals. Thus, continuous saving and fair return on that saving is required. In addition, financial security as well as regular income is essential to fund the education of the child in case of unfortunate death or disability of parents. Considering all these needs, Prabhu Mahalaxmi Life has brought “Chamatkarik Herchah Beema.” This insurance plan ensures sustained saving, fair returns on savings, financial security and thus make sure that parents’ wish of good education and bright future for their children is ensured.

• Name of insurance plan: Chamatkarik Herchah Beema

• Age at Entry: 18 years to 60 years

• Maximum Maturity Age: 65 years

• Maximum Sum Assured: Rs. 5,00,00,000 on the basis of income source

• Grace period: 30 days in case of yearly, half-yearly and quarterly modes of payment15 days in case of monthly mode premium payment.

• Benefits Under this Policy
  • Maturity Benefit
    Full sum assured and accrued bonus is payable on maturity if the policy remains in force and the insured survives till maturity date.
  • Death Benefit
    In case of Parent’s death during the policy term,
    ->100% sum assured will be paid to the beneficiary immediately
    ->A regular income benefit of 2.5% of Sum Assured will be paid to
       the beneficiary on quarterly basis starting from the next policy
       anniversary from the death of the insured till policy maturity
       date.
    -> All the future premiums will be waived off and the again full sum
       assured and accrued bonus will be paid to the beneficiary on
       policy maturity date. 
  • Paid-up Value or Surrender Value
    The policy will gain paid-up value or surrender value upon payment of premiums for 3 full years. Upon the death of the insured or maturity of policy, whichever occurs earlier, the paid-up value will be paid to the insured if the policy is lapsed. The paid-up calculation is done as per the approved method prescribed by Beema Pradhikaran. Loan up to 90 % of the surrender value can be availed.

• Type of insurance plan: Special Endowment Plan (Participating in profit)

• Policy Term: 5 years to 25 years

• Minimum Sum Assured: Rs.50,000, and thereafter in intervals of 10,000

• Mode of Premium Payment: Yearly, Half-Yearly, Quarterly and Monthly

• Supplementary Benefits(TPDA-PWB)- Total Permanent Disability due to Accidental Benefit and Premium Wavier Benefit (PWB)