Schedule of Policy charges

 

Regular Premium

 

The current charges on the Policy as on the Issue Date are as follows.

 

The Company reserves the right to add new charges and alter the charges and fees as shown in this schedule (except Premium Allocation Charge) from time to time by giving advance notice of at least three (3) months and on clearance from the Insurance Regulatory and Development Authority.

 

Surrender Charge               

 

Surrender is not allowed in the first three (3) Policy Years.

                                                                                               

Policy Year at surrender

Surrender Charges as % of Regular Premium Fund Value

1

Not allowed

2

Not allowed

3

Not allowed

4

30%

5

20%

6

10%

7 & above

0%

 

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

 

Partial Withdrawal Charge

 

Not Applicable.

 

 

Premium Allocation Charge

 

Premium Allocation Charge as below will be deducted from the Regular Premium received, as a percentage of the Regular Premium amount received, and depends on the Annual Regular Premium amount of the Basic Policy purchased.

 

Premium Year

Premium allocation charges as % Regular Premium

1

15%, if Annual Regular Premium < Rs 50,000

13%, if Annual Regular Premium ³ Rs 50,000

2

12%

3-5

3%

6 & onward

0%

 

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 Holiday.

 

Annual Regular Premium is the amount of Regular Premiums payable for a complete 12-months period.

 

Top-Up Premium               

 

Top-Up Premium Allocation Charge as below will be deducted from the Top- Up Premium received as a percentage of the Top-Up Premium amount received:

                                                

Policy Year
Percentage of the Top-Up Premium
All
1.5%

 

 

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

 

Subject to a minimum of Rs. Fifty five (55), the Policy Administration Charge may be increased up to a maximum of Five (5) percent per annum.                        

 

 

Premium Holiday Charge              

 

There are no Premium Holiday Charges payable.

             

 

Premium Re-direction Charge       

 

Not Applicable

                                        

 

Fund Switching Charge

 

Fund Switching Charge is payable on each switching from one Fund to another except for the first twelve (12) such switches in each Policy Year. The Fund Switching Charge is Rupees One Hundred (Rs.100).  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/-.                                   

 

 

 

 

Single Premium

 

The current charges on the Policy as on the Issue Date are as follows.

 

The Company reserves the right to add new charges and alter the charges and fees as shown in this schedule (except Premium Allocation Charge) from time to time by giving advance notice of at least three (3) months and on clearance from the Insurance Regulatory and Development Authority.

 

Surrender Charge               

 

Surrender is not allowed in the first three (3) Policy Years. There is no Surrender Charge for surrender thereafter.

 

Partial Withdrawal Charge      

 

Not Applicable.

 

 

Premium  Allocation Charge

 

Premium Allocation Charge as below will be deducted from the Single Premium received, as a percentage of the Single Premium amount received, and depends on the Single Premium amount of the Basic Policy purchased.

 

 

Single Premium Amount (Rs.)

Premium Allocation Charge as % of Single Premium

25,000 to 99,999

6%

100,000 to 499,999

4%

500,000 to 9,999,999

3%

10,000,000 & above

2%

 

Top-Up Premium

          

Top-Up Premium Allocation Charge as below will be deducted from the Top- Up Premium received as a percentage of the Top-Up Premium amount received                        

 

 

Policy Year   

Percentage of the Top-Up Premium

All

1.5%

       

 

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

Subject to a minimum of Rs twenty-five (25), the Policy Administration Charge may be increased up to a maximum of five (5) percent per annum.                             

 

 

Premium Re-direction Charge       

 

Not Applicable

                                        

 

 

Fund Switching Charge      

 

Fund Switching Charge is payable on each switching from one Fund to another except for the first twelve (12) such switches in each Policy Year. The Fund Switching Charge is Rupees One Hundred (Rs.100).  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/-. 

 

 

 

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