Profit Plus
It is a unit linked Endowment plan where the premium payment term (PPT) is limited to single lump sum, or uniformly over 3, 4 or 5 years. You can choose the level of cover within the limits, which will depend on whether the policy is a Single premium or Limited premium contract, term chosen and on the level of premium you agree to pay.
Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
Payment of Premiums:
You may pay premiums regularly at yearly, half-yearly, quarterly or monthly (ECS) intervals over the premium paying term of 3, 4 or 5 years. The minimum premium will be Rs.10000/-. Alternatively, a Single premium can be paid subject to a minimum of Rs.20,000/- .
Other Features:
1 Partial Withdrawals: You may encash the units partially after the third policy anniversary subject to the following:
A : In case of minors, partial withdrawals shall be allowed from the policy anniversary coinciding with or next following the date on which the life assured attains majority (i.e. on or after 18th birthday).
B : Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units.
C : For 2 years’ period from the date of withdrawal, the Sum Assured under the Basic plan shall be reduced to the extent of the amount of partial withdrawals made.
d : Under Limited Premium Paying Term policies where less than 3 years’ premiums have been paid and further premiums are not paid, the partial withdrawals shall not be allowed.
E : Under Limited Premium Paying Term policies where atleast 3 years’ premiums have been paid, partial withdrawal will be allowed subject to Policyholder’s Fund Value being at least Rs. 10000/-.
F : Under Single Premium policies, the partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/- in the Policyholder’s Fund Value.
2 Switching : You can switch between any fund types for the entire Fund Value during the policy term subject to switching charges, if any.
3 Discontinuance of premiums : If premiums are payable either yearly, half-yearly, quarterly or monthly (ECS) and the same have not been duly paid within the days of grace under the Policy, the Policy will lapse. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium.
