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Premium and Other Charges |
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Premium Charge |
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This is a Single Premium
payment plan. The Premium charges are as follows: |
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Premium |
Charge as % of Single premium |
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25,000 - 99,999 |
6% |
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1,00,000 - 4,99,999 |
4% |
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5,00,000 - 99,99,999 |
3% |
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1,00,00,000 + |
0.25% |
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Mortality Charge^ |
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Insurance Cover in
each month is the difference between relevant Sum Assured* less any partial
withdrawals made during 24 months immediately preceding the due date of month
anniversary or all the partial withdrawals made post attainment of age 60,
whichever is higher and the relevant fund value* of the policy. Mortality
charge is the amount of insurance cover for the month multiplied by the
applicable mortality charges for the month, based on the age of the life
assured. It is automatically deducted every month from your single premium
account and Top-Up Account where the life cover is applicable. This charge
may also be deducted from either of the Accounts depending upon the Fund
sufficiency. |
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*Note : |
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In case of Single
Premium Account, Relevant Sum Assured is Sum Assured and Relevant Fund Value
is Single Premium Fund Value. |
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In case of Top-Up
Premium, Relevant Sum Assured is Top-Up Sum Assured and Relevant Fund Value
is Top-Up Fund Value. |
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Age |
Mortality
Charges |
Age |
Mortality Charges |
Age |
Mortality Charges |
Age |
Mortality Charges |
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0 |
1.295 |
21 |
1.048 |
42 |
2.51 |
63 |
18.564 |
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1 |
0.815 |
22 |
1.077 |
43 |
2.717 |
64 |
20.566 |
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2 |
0.645 |
23 |
1.102 |
44 |
2.971 |
65 |
22.17 |
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3 |
0.545 |
24 |
1.123 |
45 |
3.274 |
66 |
24.171 |
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4 |
0.445 |
25 |
1.14 |
46 |
3.627 |
67 |
27.22 |
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5 |
0.4 |
26 |
1.153 |
47 |
4.03 |
68 |
30.598 |
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6 |
0.39 |
27 |
1.163 |
48 |
4.481 |
69 |
34.333 |
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7 |
0.4 |
28 |
1.168 |
49 |
4.982 |
70 |
38.459 |
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8 |
0.4 |
29 |
1.17 |
50 |
5.532 |
71 |
43.008 |
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9 |
0.39 |
30 |
1.171 |
51 |
6.131 |
72 |
48.016 |
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10 |
0.415 |
31 |
1.186 |
52 |
6.78 |
73 |
53.522 |
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11 |
0.49 |
32 |
1.224 |
53 |
7.478 |
74 |
59.566 |
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12 |
0.59 |
33 |
1.277 |
54 |
8.225 |
75 |
66.192 |
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13 |
0.682 |
34 |
1.348 |
55 |
9.022 |
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14 |
0.742 |
35 |
1.435 |
56 |
9.864 |
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15 |
0.797 |
36 |
1.538 |
57 |
10.66 |
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16 |
0.848 |
37 |
1.657 |
58 |
11.488 |
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17 |
0.896 |
38 |
1.793 |
59 |
12.512 |
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18 |
0.94 |
39 |
1.959 |
60 |
13.732 |
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19 |
0.98 |
40 |
2.15 |
61 |
15.148 |
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20 |
1.016 |
41 |
2.333 |
62 |
16.758 |
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The above table is the Annual Mortality Charge for Rs.1, 000 of Sum Assured for a standard life
Service tax is payable on life insurance premium as per section 65(105)(zx) of Finance Act, 1994, as amended by Finance Act (No. 2), 2004 at the applicable rates as per circular number F.No. B2/8/2004-TRU (Tax Research Unit) dated 17 September 2004 issued by Government of India, Ministry of Finance and subsequent directions issued by the authorities from time to time. Any deductions done on or after 5th June 2006 will attract service tax.In Budget 2004, it has been decided to levy service tax on that portion of the service which pertains to risk element. The levy would not be applicable to such premium of the existing policies, which were paid before the new levy comes into force.It has been provided that in the case of composite policies (risk plus saving) life insurer can at his option pay 1% of the total premium towards discharge of service tax liability. This shall not be applicable in case an insurance policy is towards risk only or where the premium gives details of risk premium and other premium separately. (refer notification No. 11/04-ST, dated 10.09.2004).
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The
Mortality Charges will be guaranteed for the period of the policy term. |
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Policy Administration
Charge |
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A monthly
Administration Charge will be automatically deducted from your account. This
Charge may be increased unto a maximum of 5% per annum. Currently this
Administration Charge is Rs. 25. |
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Fund Management Charge |
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A
Fund Management Charge will be charged for each fund on each daily Valuation
date at 1/365th of the following annual rates, and will be applied. |
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Fund |
Fund Management
Charge per Annum |
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Equity |
1.75% |
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Aggressive
Growth |
1.60% |
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Stable Growth |
1.40% |
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Income |
1.25% |
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Short Term Fixed
Income |
0.90% |
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Surrender Charge or
Withdrawal Charge |
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This would be
applicable if you choose a full surrender of the policy or partial withdrawal
from the Single Premium Account or Top-Up Account. The surrender charge and
the withdrawal charge are calculated as a percentage of the Single Premium
Fund Value or Top-Up Fund Value as the case may be. The surrender or partial
withdrawal is not allowed in first 3 years. For Top-Up Account, this period
starts from the date of approval of such Top-Up Premium. The surrender
charges or partial withdrawal charges will be zero if the surrender or
partial withdrawal is done after such period. |
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Fund Switching Charge |
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The first four
switches per policy year will be free of any charges. Subsequently, a charge
of Rs. 100 will be charged on all switches. The fund switching charge may be
revised but shall not exceed Rs. 500. |
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Top-Up Premium Charge |
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A
Top-Up premium charge of 1.5 % of the Top-Up premium will be deducted. |
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The Company
has the right to 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 3 months to the policyholder subject to
the approval of IRDA and will have prospective effect. |
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