|
Schedule of Policy Charges
A) Premium Allocation
Charge
From the Regular Premium you pay towards your policy, premium
allocation charges are deducted and the net premium after deduction of
premium allocation charges is invested in Apex Plus Investment Fund.
|
Premium Year
|
% of Premium
|
|
1st year
|
14%
|
|
2nd
& 3rd year
|
4%
|
|
4th year onwards
|
NA
|
Premium Year is determined by the number of complete
12-months period for which Regular Premium has actually been paid, excluding
any period of Premium Discontinuance.
B) Fund Management
Charge
A Fund Management
Charge will be charged for each fund on each daily valuation date at 1/365th
of the following annual rates.
|
Fund
|
Fund Management Charge per Annum
|
|
Apex
Plus Investment Fund
|
0.90%
|
|
Apex
Plus Return Lock-in Fund
|
1.20%
|
We may increase the Fund Management charge subject to a maximum
of 1.35% per annum of the fund value.
C) Charge for
Guarantee:
This product guarantees GMUP (offered only on maturity), which
is the highest NAV recorded in the Apex Plus Return Lock in Fund over 100 the
Monthly reset dates. The charge towards this guarantee is 0.10% p.a. of Apex Plus Return Lock-in
Fund value.
The above mentioned charge for NAV Guarantee will be deducted
from the Fund Value of the Apex Plus Return Lock-in Fund. This charge will be
deducted on a monthly basis by cancellation of Units, at the rate of 1/12 of
the above mentioned annual rate.
D) Policy Administration Charge
A monthly Policy Administration Charge as below will be deducted
by canceling Units at Unit Price from the Fund Value of the Policy on each
Policy Monthly Anniversary:
|
Monthly
Administration charge as a % of Premium
|
|
Annualised Premium
|
Policy year 1 - 3
|
Policy year 4 - 10
|
|
48,000 – 99,999
|
0.500%
|
0.060%
|
|
100,000 - 499,999
|
0.375%
|
0.045%
|
|
500,000+
|
0.250%
|
0.030%
|
The Annualised Regular Premium of the
Policy is arrived at as below:
|
If monthly paid
|
Monthly Regular
Premium / 0.0833
|
|
If quarterly paid
|
Quarterly Regular
Premium / 0.25
|
|
If semi-annually
paid
|
Semi-annual
Regular Premium / 0.5
|
|
If annually paid
|
Annual Regular
Premium / 1
|
D) Mortality Charge
Insurance cover in each month is the difference between relevant
Sum Assured net of all Deductible Partial Withdrawals if any, from the Fund
Value and the Fund Value of the policy. Mortality Charge is the amount of insurance
cover for the month multiplied by the applicable Mortality Rate for the
month, based on the age of the Life Assured. It will be deducted every month
by canceling units from Apex Plus Investment Fund and then from Apex Plus
Return Lock-in Fund.
|
Age
|
Mortality Rate per Rs.1000/Sum
Assured
|
Age
|
Mortality Rate per Rs.1000/Sum
Assured
|
Age
|
Mortality Rate per Rs.1000/Sum
Assured
|
|
18
|
0.940
|
39
|
1.959
|
60
|
13.732
|
|
19
|
0.980
|
40
|
2.150
|
61
|
15.148
|
|
20
|
1.016
|
41
|
2.333
|
62
|
16.758
|
|
21
|
1.048
|
42
|
2.510
|
63
|
18.564
|
|
22
|
1.077
|
43
|
2.717
|
64
|
20.566
|
|
23
|
1.102
|
44
|
2.971
|
65
|
22.170
|
|
24
|
1.123
|
45
|
3.274
|
66
|
24.171
|
|
25
|
1.140
|
46
|
3.627
|
67
|
27.220
|
|
26
|
1.153
|
47
|
4.030
|
68
|
30.598
|
|
27
|
1.163
|
48
|
4.481
|
69
|
34.333
|
|
28
|
1.168
|
49
|
4.982
|
70
|
38.459
|
|
29
|
1.170
|
50
|
5.532
|
71
|
43.008
|
|
30
|
1.171
|
51
|
6.131
|
72
|
48.016
|
|
31
|
1.186
|
52
|
6.780
|
73
|
53.522
|
|
32
|
1.224
|
53
|
7.478
|
74
|
59.566
|
|
33
|
1.277
|
54
|
8.225
|
75
|
66.192
|
|
34
|
1.348
|
55
|
9.022
|
|
|
|
35
|
1.435
|
56
|
9.864
|
|
|
|
36
|
1.538
|
57
|
10.660
|
|
|
|
37
|
1.657
|
58
|
11.488
|
|
|
|
38
|
1.793
|
59
|
12.512
|
|
|
The above
rates are for standard lives payable per Rs.1000/Sum Assured and are
guaranteed throughout the term of the Policy. While calculating Mortality
Charge for individual life the above rates will be divided by 1000. The rates
are based on age last birthday.
E) Surrender Charge
Policy can be surrendered any time during the
policy term. However when the
request is received in first three policy years, the
surrender value will be will be frozen as on date of surrender and shall be
payable at the end of three policy
years. These will be subject to the
surrender charges applicable at that time of surrender.
The following table shows surrender charge as percentage of
Regular Premium Fund Value
|
Policy Year at Surrender
|
Surrender Charges as a percentage of Fund Value
|
|
1
|
100%
|
|
2
|
75%
|
|
3
|
50%
|
|
4
|
25%
|
|
5
|
20%
|
|
6 – 10
|
0%
|
The company may alter all the
above charges (except Mortality Charge and Premium Allocation Charges which
are guaranteed throughout the
term) by giving an advance notice of at least three months to the policyholder subject to prior approval of IRDA
and will have prospective effect
|
