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| SECURE
EDUCATION & MARRIAGE |
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It
is the desire of every parent to provide the best
for their children at all stages of life. Marriage
of the child is a very important event for the
entire family and every parent dreams of performing
it in the best possible manner.
Meeting the costs of this event is one of the
most pressing financial challenges that a family
would face. For most families, saving enough to
meet the costs of their child’s marriage
can seem overwhelming. But with proper planning,
funding the cost of marriage, like any major financial
goal, may be easier to achieve.
The key lies in saving for the event from an early
stage and planning for the events which could
potentially disrupt the dream from being fulfilled
due to financial reasons.
Our Secure Marriage Plan is a
unit linked life insurance plan which has been
designed specifically for the purpose of helping
families to save for their son or daughter’s
marriage. It includes features that may help make
savings more affordable and also provides a balanced
combination of investment and protection benefits
to meet the financial objectives desired. |
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Marriage
Benefit |
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The
plan provide a ‘Marriage Benefit’
at the end of the term of the plan which is in
form of the lump sum amount. The lump sum is equal
to the value of the Fund which has developed over
the years through premium contributions and investment
returns. |
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Periodic
Enhancement of Benefits |
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The
costs increase continuously, and it is important
that any effective financial planning takes into
account the effect of this rise in costs. We provide
you with an opportunity to regularly update the
benefits by indexing the premium on every plan
anniversary. This ensures that the impact of inflation
is minimized over the years. We would advise the
indexation rate on every plan anniversary. However,
indexation is optional and you could choose not
to enhance the benefits and premium |
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Death
Benefits |
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Life is uncertain and death of a parent, especially
if he or she happens to be the breadwinner for
the family, could seriously jeopardize the desire
of performing the marriage of son or daughter
in best possible manner. Secure Marriage Plan
is aware of the situation and the benefits are
structured so that financial burden arising out
of death of the parent is minimized. The benefits
on death of the insured parent during the term
of the plan are |
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| a. |
All future premiums would be waived. Not
only this, we would also pay the future
premiums into the Fund on behalf of the
family. These premiums would be enhanced
each year through indexing. We would pay
indexed premium even if the premium paid
by the policyholder prior to death of insured
parent were not indexed. This ensures that
value of benefits is preserved till the
end of the policy term. |
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| b. |
We would continue to manage the Fund which
will continue to receive the premiums deposited
by us together with the investment returns
earned by the Fund. The accumulated value
of the Fund at the maturity of the plan
would be paid to the child as a lump sum |
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| c. |
We are aware of the fact that the financial
condition of the family is likely to suffer
a setback on death of the parent. In order
to cater for this, we provide a regular
‘Family Income Benefit’ which
will be paid quarterly up to the end of
the policy term. The amount of benefit would
increase each year in line with the increase
you opt in premium. However, the benefit
would be fixed at death and would be level
throughout the payment period. |
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Additional
Protection |
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We
understand that in addition to the death of the
parent, disability and other events may also interrupt
or even totally disrupt the ability of the family
to save for the marriage. In order to cater for
these needs the following additional protection
is available |
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By paying a nominal additional premium,
you can cover hospitalization expenses of
your child through our Hospitalization Cash
Rider. (See separate brochure for details). |
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Our Waiver of Premium rider ensures that
the premium payment under the plan continues
even if the insured parent becomes disabled
and is unable to pay the premium. Again
the cost of this additional benefit is nominal. |
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Premium
and Unit Allocation |
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You can choose a plan with an annual Basic Premium
as low as Rs. 20,000. The Basic Premium (i.e.
premium paid by you excluding premium for additional
benefits etc) would be allocated to your unit
account according to the amount of premium and
policy year. |
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Policy
Year
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Basic
Premium (Rs) |
20,000
to
39,999 |
40,000
to
49,999 |
50,000
to
74,999 |
75,000
and
above |
| 1st |
20% |
30% |
40% |
50% |
| 2st |
85% |
85% |
85% |
85% |
| 3rd |
90% |
90% |
90% |
90% |
| 4th
and 5th |
100% |
100% |
100% |
100% |
6th
onwards |
103% |
103% |
103% |
103% |
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Since this plan aims
to build funds in a regular manner, Adhoc premiums
may not be deposited for this plan. |
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Age
Limits |
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The life assured should
be between 18 years and 55 years of age nearest
birthday, at time of issuance of the policy. However,
the age of the life assured at the planned maturity
date cannot exceed 70 years.
Any child up to an age of 17 years nearest birthday
can be nominated. |
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Policy
Term |
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The minimum term available
under the plan is 10 years. The maximum term available
under the plan is “30 minus the age of the
child at issue”.
It is advisable to purchase the plan as early as
possible for a longer duration compared to buying
it late for a shorter duration in order to benefit
from the compounding effects of time.
These compounding effects could be very significant
e.g. an investment of Rs. 100 in a savings account
for 20 years at a compound annual return of 8% per
annum would yield about Rs. 450 at the end of 20
years. In order to achieve same value at end of
20 years, it would require investment of Rs. 200,
if the decision is delayed for 10 years and Rs.
300 if delayed for 15 years. Therefore it is advisable
to plan early and invest for a longer duration. |
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Surrender |
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The policy can be surrendered
for its cash value prior to death of the insured
parent. However, surrender of the policy is not
allowed after the death of the insured parent. This
will ensure that the amount saved remains intact
for the original purpose with which it was saved
and is available to the child, as per original planning
by the parents. |
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Partial
Withdrawal |
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You can make partial
withdrawals from cash value of the policy subject
to the minimum residual cash value, to be decided
by the company from time to time. Family Income
Benefit will reduce proportionately if the partial
withdrawal is made.
After death of the parent assured, partial withdrawal
up to 25% of cash value will be allowed. However,
this option can only be exercised once every three
years up to a maximum of three times. This will
ensure that the cash value is not used up entirely
while allowing for availability of money to meet
exigencies. |
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Options
available on death of child |
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f the child dies prior
to the parent insured, the parent has the following
three options |
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For Our Financial Advice, Please Provide Your Details |
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