Endowment Plan

Every parents 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, Mahalaxmi Life has brought “Jeevan 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.

1. Name of insurance plan           :         Jeevan Herchah Beema
2. Type of insurance plan :         Special Endowment Plan (Participating in profit)
3. Age at Entry                    :         18 years to 60 years
4. Policy Term :         5 years to 25 years
5. Maximum Maturity Age :         65 years
6. Minimum Sum Assured :         50,000, and thereafter in intervals of 10,000
7. Maximum Sum Assured :         5,00,00,000 on the basis of income source
8. Mode of Premium Payment :         Yearly, Half-Yearly, Quarterly and Monthly
9. Grace period :       30 days in case of yearly, half-yearly and quarterly modes of payment and 15 days in case of monthly mode premium payment.

10. Benefits under this policy
    a. 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.
    b. Death Benefit: In Case of Parent’s death during the policy term
    i. 100% sum assured will be paid to the beneficiary immediately
    ii. 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.
    iii. 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.

    c. 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 Samiti. Loan of up to 90 % of the surrender value can be availed.

11. Supplementary benefits: TPDA-PWB (Total Permanent Disability due to Accident Benefit) and Premium Waiver Benefit (PWB) are available for full policy term, equal to sum assured but not more than Rs. 1,00,00,000 upon payment of additional premium. On determination of Total and Permanent Disablement of the Parent caused due to accident during the term of the policy:48 quarterly payments (12 years) of 2.5% of Sum Assured will be made to the assured. The future premiums will be waived off and the Basic policy will continue to be in force with usual features. If the policy matures before 48 payments (12 years) are made for the disability or the insured dies after detection of the disability and before the maturity of the policy, remaining instalment amount will be paid as a lumpsum to the beneficiary, in addition to the Basic policy benefits. The rider cover will terminate after the notification of the claim.

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