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- On maturity - The Sum assured along with all vested bonuses is due on maturity of the policy. If the policy has run for 15 years or more terminal bonus if any is also due. This amount can be used in the following manner:-
- Up to 1/3rd of the maturity amount can be commuted and received as lump sum at the time of maturity of the policy.
- Balance amount has to be used to buy an immediate annuity (pension) from any life insurance company at the annuity rates prevailing at that time.
- On unfortunate death - The Sum assured along with all vested bonuses are payable on death of the life assured. If the policy has run for 15 years or more as on date of the death, terminal bonus if any is also payable. The spouse of the life assured if she/he is 40 years nearer birthday or above has an option to purchase an immediate annuity from Sahara India Life Insurance Co. Ltd. or some other insurer at the annuity rates prevailing at that time. 1/3rd of death benefit amount may be commuted by spouse if so opted.
Additional benefits Rider
Accident Benefit & Accidental Total & Permanent Disability Benefit Rider Additional premium payable only Re.1 per 1000 SA (AB & ATPD)
If the life assured meets with an accident before the policy anniversary on which his age nearer birthday is 65 years and policy is in force and death is caused within 180 days of any bodily injury sustained directly and solely from an accident caused by outward, violent and visible mean solely, directly and independently of all other causes of death. , an additional amount equal to the rider cover is payable up to a maximum of Rs 20, 00,000/-and if the life assured is totally and permanent disabled, 10% of the rider sum assured is payable every year for five years, followed by the balance 50% of the rider cover at the end of five years. On admission of disability claim the premium for disability benefit shall cease. Once the claim for ATPD is settled and paid, the rider benefit is terminated and the base policy continues.
Total and Permanently Disability referred to hereinabove shall mean and include disability which arises out of accident as aforesaid and is of a nature which renders the life assured totally and permanently unable to earn any income from the date of accident onwards from any work, occupation or profession (independent of qualifications, training and experience) and results into his/her
(a) inability to use both hands at or above the wrist or
(b) both feet at or above the ankle or
(c) one hand at or above the wrist and one foot at or above the ankle or
(d) total and irrecoverable loss of the entire eyesight of both eyes.
Benefit Illustration
For a policy of Sum assured of Rs. 1 lac at age of 35 yrs with a term of 25 years, the annual premium comes to Rs. 4,064. We give below the benefit payable on death and maturity. However at maturity, the benefit is payable in the form of a pension and up to 1/3rd of the maturity proceeds can be commuted. The balance amount has to be used to buy an immediate annuity (Pension) from Sahara India Life Insurance Company Ltd. or any other Life Insurance Company in India at the annuity rates prevailing at that time. The annuity amount payable without or with return of purchase price, at as per the current rates, is given in the tables (a) & (b):
| Yrs |
Age |
Death Benefit |
| Guaranteed |
Non Guaranteed |
Total |
| At 6%/5% |
At 6% |
At 10% |
At 6%/5% |
At 6% |
At 10% |
| 1 |
35 |
100,000 |
2,700 |
2,700 |
4,500 |
102,700 |
102,700 |
104,500 |
| 2 |
36 |
100,000 |
5,400 |
5,400 |
9,000 |
105,400 |
105,400 |
109,000 |
| 3 |
37 |
100,000 |
8,100 |
8,100 |
13,500 |
108,100 |
108,100 |
113,500 |
| 4 |
38 |
100,000 |
10,800 |
10,800 |
18,000 |
110,800 |
110,800 |
118,000 |
| 5 |
39 |
100,000 |
13,500 |
13,500 |
22,500 |
113,500 |
113,500 |
122,500 |
| 6 |
40 |
100,000 |
16,200 |
16,200 |
27,000 |
116,200 |
116,200 |
127,000 |
| 7 |
41 |
100,000 |
18,900 |
18,900 |
31,500 |
118,900 |
118,900 |
131,500 |
| 8 |
42 |
100,000 |
21,600 |
21,600 |
36,000 |
121,600 |
121,600 |
136,000 |
| 9 |
43 |
100,000 |
24,300 |
24,300 |
40,500 |
124,300 |
124,300 |
140,500 |
| 10 |
44 |
100,000 |
27,000 |
27,000 |
45,000 |
127,000 |
127,000 |
145,000 |
| 11 |
45 |
100,000 |
29,700 |
29,700 |
49,500 |
129,700 |
129,700 |
149,500 |
| 12 |
46 |
100,000 |
32,400 |
32,400 |
54,000 |
132,400 |
132,400 |
154,000 |
| 13 |
47 |
100,000 |
35,100 |
35,100 |
58,500 |
135,100 |
135,100 |
158,500 |
| 14 |
48 |
100,000 |
37,800 |
37,800 |
63,000 |
137,800 |
137,800 |
163,000 |
| 15 |
49 |
100,000 |
50,625 |
52,650 |
101,250 |
150,625 |
152,650 |
201,250 |
| 16 |
50 |
100,000 |
54,000 |
56,160 |
108,000 |
154,000 |
156,160 |
208,000 |
| 17 |
51 |
100,000 |
57,375 |
59,670 |
114,750 |
157,375 |
159,670 |
214,750 |
| 18 |
52 |
100,000 |
60,750 |
63,180 |
121,500 |
160,750 |
163,180 |
221,500 |
| 19 |
53 |
100,000 |
64,125 |
66,690 |
128,250 |
164,125 |
166,690 |
228,250 |
| 20 |
54 |
100,000 |
67,500 |
70,200 |
135,000 |
167,500 |
170,200 |
235,000 |
| 21 |
55 |
100,000 |
70,875 |
73,710 |
141,750 |
170,875 |
173,710 |
241,750 |
| 22 |
56 |
100,000 |
74,250 |
77,220 |
148,500 |
174,250 |
177,220 |
248,500 |
| 23 |
57 |
100,000 |
77,625 |
80,730 |
155,250 |
177,625 |
180,730 |
255,250 |
| 24 |
58 |
100,000 |
81,000 |
84,240 |
162,000 |
181,000 |
184,240 |
262,000 |
| 25 |
59 |
100,000 |
84,375 |
87,750 |
168,750 |
184,375 |
187,750 |
268,750 |
Table (a)
Assuming that the full maturity proceeds is applied for purchasing the annuity without return of purchase price (premium), the annual annuity amount (payable monthly) for age from 60 to 100 is given below :
| Maturity Benefit |
|
At 6% / 5%* |
At 6% |
at 10% |
| Guaranteed |
100,000 |
100,000 |
100,000 |
| Non guaranteed |
84,375 |
87,750 |
168,750 |
| Total |
184,375 |
187,750 |
268,750 |
Notes : *In this scenario, interest rate is assumed to be 6% for the first 20 years and 5% thereafter during the accumulation stage.
| Year |
Age |
- |
Non-guaranteed |
- |
| - |
- |
at 6% / 5% * |
at 6% |
at 10% |
| 0 |
60 |
10,288 |
10,476 |
14,996 |
| 1 |
61 |
10,288 |
10,476 |
14,996 |
| 2 |
62 |
10,288 |
10,476 |
14,996 |
| 3 |
63 |
10,288 |
10,476 |
14,996 |
| 4 |
64 |
10,288 |
10,476 |
14,996 |
| 5 |
65 |
10,288 |
10,476 |
14,996 |
| 6 |
66 |
10,288 |
10,476 |
14,996 |
| 7 |
67 |
10,288 |
10,476 |
14,996 |
| 8 |
68 |
10,288 |
10,476 |
14,996 |
| 9 |
69 |
10,288 |
10,476 |
14,996 |
| 10 |
70 |
10,288 |
10,476 |
14,996 |
| 11 |
71 |
10,288 |
10,476 |
14,996 |
| 12 |
72 |
10,288 |
10,476 |
14,996 |
| 13 |
73 |
10,288 |
10,476 |
14,996 |
| 14 |
74 |
0,288 |
10,476 |
14,996 |
| 15 |
75 |
10,288 |
10,476 |
14,996 |
| 16 |
76 |
10,288 |
10,476 |
14,996 |
| 17 |
77 |
10,288 |
10,476 |
14,996 |
| 18 |
78 |
10,288 |
10,476 |
14,996 |
| 19 |
79 |
10,288 |
10,476 |
14,996 |
| 20 |
80 |
10,288 |
10,476 |
14,996 |
| 21 |
81 |
10,288 |
10,476 |
14,996 |
| 22 |
82 |
10,288 |
10,476 |
14,996 |
| 23 |
83 |
10,288 |
10,476 |
14,996 |
| 24 |
84 |
10,288 |
10,476 |
14,996 |
| 25 |
85 |
10,288 |
10,476 |
14,996 |
| 26 |
86 |
10,288 |
10,476 |
14,996 |
| 27 |
87 |
10,288 |
10,476 |
14,996 |
| 28 |
88 |
10,288 |
10,476 |
14,996 |
| 29 |
89 |
10,288 |
10,476 |
14,996 |
| 30 |
90 |
10,288 |
10,476 |
14,996 |
| 31 |
91 |
10,288 |
10,476 |
14,996 |
| 32 |
92 |
10,288 |
10,476 |
14,996 |
| 33 |
93 |
10,288 |
10,476 |
14,996 |
| 34 |
94 |
10,288 |
10,476 |
14,996 |
| 35 |
95 |
10,288 |
10,476 |
14,996 |
| 36 |
96 |
10,288 |
10,476 |
14,996 |
| 37 |
97 |
10,288 |
10,476 |
14,996 |
| 38 |
98 |
10,288 |
10,476 |
14,996 |
| 39 |
99 |
10,288 |
10,476 |
14,996 |
| 40 |
100 |
10,288 |
10,476 |
14,996 |
Notes:: * In this scenario, interest rate is assumed to be 6% for the first 20 year and 5% thereafter during the accumulation stage.
Table (b)
Assuming that the full maturity proceeds is applied for purchasing the annuity with return of purchase price (premium), the annual amount (payable monthly) for age from 60 to 100 is given below :
| |
|
Survival Benefit |
Death Benefit |
| Year |
Age |
Non-guaranteed |
Non-guaranteed |
| - |
- |
At 6% / 5%* |
At 6% |
At 10% |
At 6% / 5%* |
At 6% |
At 10% |
| 0 |
60 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 1 |
61 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 2 |
62 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 3 |
63 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 4 |
64 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 5 |
65 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 6 |
66 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 7 |
67 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 8 |
68 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 9 |
69 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 10 |
70 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 11 |
71 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 12 |
72 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 13 |
73 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 14 |
74 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 15 |
75 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 16 |
76 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 17 |
77 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 18 |
78 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 19 |
79 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 20 |
80 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 21 |
81 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 22 |
82 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 23 |
83 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 24 |
84 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 25 |
85 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 26 |
86 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 27 |
87 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 28 |
88 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 29 |
89 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 30 |
90 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 31 |
91 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 32 |
92 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 33 |
93 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 34 |
94 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 35 |
95 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 36 |
96 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 37 |
97 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 38 |
98 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 39 |
99 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
| 40 |
100 |
3,743 |
3,811 |
5,456 |
184,375 |
187,750 |
268,750 |
Notes : * In this scenario, interest rate is assumed to be 6% for the first 20 years and 5% thereafter during the accumulation stage |
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