Mahalaxmi Endowment Plan
Mahalaxmi Sabadhik Beema Yojana
Mahalaxmi Endowment Insurance Plan combines both the risk coverage and saving element at reasonable premium. This plan, upon payment of level premiums for the policy term, is designed to pay back a lump sum amount of sum assured and bonus declared and vested in the policy after completion of the policy term (i.e. upon maturity) or upon death of the insured person.
- Name and type of insurance : Mahalaxmi Endowment Plan/Participating Endowment
- Age at Entry : 18 years to 65 years
- Policy Term : 5 years to 30 years
- Maximum Maturity Age : 70 years
- Mode of Premium Payment : Yearly, Half-Yearly, Quarterly and Monthly
- Minimum Sum Assured : 50,000
- Maximum Sum Assured : 5,00,00,000, (in intervals of 10,000)
- Benefits under this policy:
- Full sum assured and accrued bonus is payable upon death of insured provided that the policy is in force till that date.
- Full sum assured and accrued bonus is payable on maturity if the policy remains in force and the insured survives till maturity date.
- The policy will gain paid-up value or surrender value upon payment of premiums for 3 full years. The paid-up calculation is done as per the approved method prescribed by Beema Samiti. Loan of up to 90% of the surrender value can be availed.
- Supplementary benefits: ADB and PTD (Accidental Death Benefit and Permanent Total Disability Benefit) is available for full policy term, equal to sum assured but not more than 1,00,00,000 upon payment of additional premium.
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