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Insure Smart Plan (ULIP)
Synopsis:
Insure Smart Plan is a unit linked insurance plan, it helps you save for your specific dreams with the flexibility of paying premiums for 5 years and getting life cover for 10 years with freedom to invest in our 5 funds as per your investment needs.
Benefits:
- Death Benefits
- In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of: Sum Assured less applicable partial withdrawals Fund value 105% of premiums paid by you.
- Maturity Benefits
- Your policy will mature at the end of 10 years. You will receive the Fund Value based on the prevailing NAVs at maturity. Moreover, Loyalty Addition will also be payable.
- Loyalty additions
- You will get a loyalty addition of 1% of your total fund value at maturity. Investment Funds
- You can choose to invest in 5 investment funds with equity exposure ranging 0% to 100%, depending on your investment philosophy:
- Equity II Fund
- Growth Plus Fund
- Balanced Plus Fund
- Debt Plus Fund
- Liquid Fund
Highlights:
- Premium Options: There are attractive discounts on premium allocation charge in case you choose to pay renewal premiums through ECS/Standing Instructions.
- Fund Switching:You can switch some or all of your investments from one fund to another, any number of times. The minimum amount that you can switch is 10,000.
- Premium Redirection:You can modify the allocation of future premiums once in a policy year. The revised allocation proportion will apply to your subsequent premiums.
- Increase/Decrease of Sum Assured: You can increase or decrease your Sum Assured from the 6 policy year, provided all due premiums are paid. This facility is available once every year subject to maximum of 3 times during the Policy Term.
- Partial Withdrawal: You can make partial withdrawals for any unforeseen contingency, from the 6th policy year. In case the Life Assured is a minor, partial withdrawal will be allowed once he/she attains age 18. The minimum amount that you can withdraw is ` 10,000 and the maximum is such that the Fund Value after withdrawal does not fall below 120% of the annual premium.
Eligibility:
| Eligibility Criteria | Minimum | Maximum |
| Entry age (Life Assured) | 8 years | 70 years |
| Policy Term | 10 years (Fixed) | |
| Premium Payment Term | 5 years (Fixed) | |
| Annual Premium | 50,000 | No Limit |
| Sum Assured | 10 x annual premium (for ages below 45) 7 x annual premium (for ages 45 and above) 35 x annual premium subject to underwriting |