Life Insurance Plan No. 149 – Best Plan Covering risk of death throughout the life

General Policy Conditions:

Min age at entry 18 (completed)

Max age at entry 65

Min Premium Paying term 5 years

Max Premium Paying term 57 years

Min Sum Assured 1 lac

Max Sum Assured Any amount

Premium Payment mode Yearly/Half yearly/quarterly/monthly

Accidental benefits Already included in this plan, you don’t need to pay extra premium for that (this is the special thing this plan has, no other plan has accidental benefit included implicitly)

Max. DAB SA

Benefits:

Maturity Benefit:

SA + Bonus + Final Additional bonus

Death Benefit:

1. If Death before Premium Paying Term

SA + accumulated bonus

2. If Death after Premium Paying Term

SA

Accidentail benefit:

During Premium Paying Term and After that till 70 years of Age

SA

Tax benefit:

You can deduct Premium amount of that year from your total income and then apply and calculate income tax on remaining income.

Sample Example:

Age: 24 years

SA: 2.5 lacs

Premium Paying Term: 25 years

Premium: Yearly – Rs. 10,440 , Half yearly – Rs. 5,301 , Quarterly – Rs. 2,691 , Monthly – Rs. 942

Benefits:

Maturity benefit:

At the end of 25 years, you will get 7 lacs which includes SA i.e. 2.5 lacs + bonus + final bonus

Death benefit:

1. If you die before 25 years, your nominee gets 2.5 lacs + bonus accumulated till you die

2. If you die after 25 years, your nominee will get 2.5 lacs (remember in this case you have already gt 7 lacs at maturity)

Accidental benefit:

If you die because of accident or become disabled during 25 years or there after till age 70 Age your nominee / you will get 2.5 lacs. (This is a plus point as its included in the premium it self)

Tax benefit:

You can deduct Premium amount of that year from your total income and then apply and calculate income tax on remaining income.