Schedule of Policy Charges

 

 

 

A) Premium Allocation Charge

 

Regular Premium Allocation Charge will be deducted from the Regular Premium received, as a percentage of the Regular Premium amount received

 

Premium year*

Regular Premium Allocation Charge (as a % of Regular Premium amount received)

1st year

9%

2nd year onwards

1%

 

*Premium Year is determined by the number of complete 12-months period for which Regular Premium has actually been paid, excluding any period of discontinuance of premiums and unpaid-for months.

 

 

B) Top-up Premium Allocation Charge

 

1.5% of the Top-Up Premium

 

 

C) Fund Management Charge (FMC)

Fund

Charge per annum

Top-50 Fund

1.20%

Top-200 Fund

1.20%

Aggressive Flexi Fund

1.20%

Stable Flexi Fund

1.20%

Bond Fund

1.20%

Large Cap Equity Fund

1.20%

 

All Fund Management Charges are subject to revision by Company with prior approval of the Insurance Regulatory and Development Authority but shall not exceed 1.35% per annum of the Fund value.

 

 

D) Mortality Charge3

 

Insurance Cover in each month for Regular Premium Account is the difference between Sum Assured net of all Deducible Partial Withdrawals, if any, from the Regular Premium Fund Value and Regular Premium Fund Value of the policy.

 

Insurance Cover in each month for Top-Up Account is the difference between Top-Up Sum Assured net of all Deducible Partial Withdrawals, if any, from the relevant Top-Up Premium Fund Value and Top-up Premium 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 Regular 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.

 

3 The Mortality Charges will be guaranteed for the period of the policy term. 

 

 

Age

Mortality Charges

Age

Mortality Charges

Age

Mortality Charges

Age

Mortality Charges

0

1.943

21

1.572

42

3.765

63

27.846

1

1.223

22

1.616

43

4.076

64

30.849

2

0.968

23

1.653

44

4.457

65

33.255

3

0.818

24

1.685

45

4.911

66

36.257

4

0.668

25

1.71

46

5.441

67

40.83

5

0.6

26

1.73

47

6.045

68

45.897

6

0.585

27

1.745

48

6.722

69

51.5

7

0.6

28

1.752

49

7.473

70

57.689

8

0.6

29

1.755

50

8.298

71

64.512

9

0.585

30

1.757

51

9.197

72

72.024

10

0.623

31

1.779

52

10.17

73

80.283

11

0.735

32

1.836

53

11.217

74

89.349

12

0.885

33

1.916

54

12.338

75

99.288

13

1.023

34

2.022

55

13.533

 

 

14

1.113

35

2.153

56

14.796

 

 

15

1.196

36

2.307

57

15.99

 

 

16

1.272

37

2.486

58

17.232

 

 

17

1.344

38

2.69

59

18.768

 

 

18

1.41

39

2.939

60

20.598

 

 

19

1.47

40

3.225

61

22.722

 

 

20

1.524

41

3.5

62

25.137

 

 

 

These rates are exclusive of service tax.

 

 

 

E) Surrender Charge

 

Policy can be surrendered any time during the 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

Charge as % of Regular Premium  Fund Value

1

100%

2

75%

3

50%

4

25%

5

20%

6+

0%

 

There are no surrender charges applicable on the Top-up premium Account.

 

 

F) Partial Withdrawal Charge:

 

There are no partial withdrawal charges under this product.

 

 

G) Policy Administration Charge

 

A monthly Policy Administration Charge of Rs.75 on the first Rs.1000 Basic Sum Assured, will be deducted by canceling Units at Unit Price from the Fund Value of the Policy. This administration charges may be increased up to a maximum of 5% p.a. compound

 

Additionally, there will be Sum Assured related charge of Rs. 3.25 per month per Rs.1000 of Basic Sum Assured for the first 2 policy year.

 

Unit deduction will first be made from the Regular Premium Fund Value, and if insufficient, then from the Top-Up Fund Value.

 

 

H) Fund Switching Charge

 

There are 12 (twelve) free switches per policy year. Thereafter a charge of Rs.100/- per switch will be applicable. This Charge may be revised as deemed appropriate by the Company subject to prior clearance from the IRDA but shall not exceed a maximum of Rs. 250/-.

 

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 the prior approval of IRDA and will have prospective effect.

 

 

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