On paying all due premiums during the first half of the policy term, this plan provides you with regular income during the second half of the policy term on annual basis. You have the flexibility to choose how you want to receive your income.
Option A: Pure Income Benefit
Under this option, a lump sum amount is paid to you once every year as guaranteed income. In addition, you benefit from additional income every year that is paid to you on account of applicable bonuses announced from time to time.
Your Annual Income = Guaranteed Income + Accrued Bonuses
Option B: Income with Maturity Benefit
Under this option, a guaranteed income as lump sum amount is paid to you once in a year. Apart from this, all bonuses accrued during the policy term are paid to you on policy maturity as Maturity Benefit along with the last income payout.
Maturity benefit = Last Guaranteed Income Payout + Applicable Bonuses
Bonus will be announced from time to time and are not guaranteed. Income Payout option has to be chosen at the inception of policy. Once chosen, option cannot be changed during the policy term.
How Your Guaranteed Income is calculated?
Guaranteed Income is calculated as a fixed percentage of Basic Sum Assured for a chosen premium payment term.
|
Policy Term
|
Premium Payment Term
|
Benefit Payout Term
|
% age of Basic Sum
Assured paid as guaranteed Income
|
|
16 years
|
8 years
|
8 years
|
25.00%
|
|
24 years
|
12 years
|
12 years
|
16.67%
|
|
30 years
|
15 years
|
15 years
|
13.35%
|
In total, 200% of Basic Sum Assured will be paid out as equal Guaranteed Income annually, during the Benefit Payout Term.