Plan 245

Future Bright

Future Bright is a Money Back Plan that provides apart from life coverage to the policy holder periodic payments during the policy term and a lump sum payment at maturity.

Future Bright is a 9 year plan that will give 10% of the Sum Assured at end of year 3 and year 6 during the policy term, and at the time of maturity, the policy holder will receive the full premium paid at the inception of the policy plus 5% of the premium paid as guaranteed addition and any loyalty addition, if declared.

WHY FUTURE BRIGHT?

It’s a one-time premium paying plan offering guaranteed returns. An ideal plan for those looking for liquidity, life cover, and reasonable return all in one. This plan takes care of liquidity needs through periodic payments of 10% of total Sum Assured at the end of 3 years and 6 years. Loan facility is also available under the plan.  The policyholder’s life is covered thought out the policy term of 9 years, in the unfortunate case of death during the policy term an amount equal to the Sum Assured will be payable to the beneficiary, and on survival of policyholder till maturity an amount equal to the premium paid plus 5% guaranteed addition and any loyalty addition if declared will be payable.

BENEFITS

This policy will provide the following benefits to the Life Assured on survival.

After 3 Years

After 3 years of the commencement of the policy 10% of the Sum Assured will be paid to the Life Assured.

After 6 Years

After 6 years of the commencement of the policy another 10% of the Sum Assured will be paid to the Life Assured.

On Maturity after 9 Years

On maturity the Life Assured will receive 105% of single premium paid (excluding any taxes and extra premium) plus Loyalty Addition, if any.

Beneficiary Benefit

In the event of unfortunate death of the Life Assured during the term of the policy, an amount equal to the sum assured will be payable to the Beneficiary.

BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY

Attribute
Minimum limit
Maximum limit
Sum Assured
USD 20,000 and in multiples of 1000 thereafter
No limit but subject to medical and financial underwriting
Age Entry
15 Years (Completed)
60 Years (Nearer Birthday)
Age at Maturity
24 Years (Completed)
69 Years (Nearer Birthday)
Term
9 Years
Mode of Premium Payment
Single Premium Payment

SERVICING ASPECTS

Surrender Value

The policy will acquire a surrender value after completion of one full policy year. The minimum guaranteed surrender value is 90% of single premium paid (excluding any taxes and extra premium) less any survival benefits paid.

However, special surrender value may be paid if it is more favorable to the policyholder.

Policy Loan

Policy loan is available provided the policy has acquired surrender value, the life assured may obtain loan up to 80% of surrender value of the policy subject to production of satisfactory title to the policy and satisfactory assignment of the policy to the Company. The rate of interest of loan will be determined by the Company at the time of granting loan.

Paid Up Value

Not applicable under this plan.

Underwriting Requirements

All aspects of underwriting will be as per the underwriting policy of the company.

Benefit Illustration

Age: 35
Sum Assured: USD 100,000
Term: 9 Years (Fixed)
Mode: Single (Fixed)
Premium Amount: USD 82,030

On survival after 3 years USD 10,000 will be paid to Life Assured.
On survival after 6 years another USD 10,000 will be paid to Life Assured.
On maturity after 9 years an amount of USD 82,030 + 4,101.5 which equals to USD 86,131.5 will be the guaranteed amount payable.

In addition depending upon the experience, Loyalty Addition may also be declared by the company on maturity.

In the event of unfortunate death of Life Assured any time during the term of the policy, full Sum Assured of USD 100,000 will be payable to the Beneficiary.