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An Unique Dual benefit insurance plan providing survival benefit & extended term coverage till age 80 yrs.
Guaranteed addition of 3.5% of SA per annum compounding for 1st 5 policy years
Future Saral Anand - Death Benefit Illustration for Term 15 years for Standard Age Proof
Death Benefit
Additional
Half Term Rider Accidental
Yearly Base Sum Sum Total Sum Sum Natural
Age Prem. Assured Assured * Assured Assured Death Cover Accidental Death Cover
30 8,000 151,350 151,350 302,700 302,700 302,700 605,400
35 8,000 141,234 141,234 282,468 282,468 282,468 564,936
40 8,000 133,345 133,345 266,690 266,690 266,690 533,380
45 8,000 124,177 124,177 248,354 248,354 248,354 496,708
50 8,000 113,862 113,862 227,724 227,724 227,724 455,448
55 8,000 100,000 100,000 200,000 200,000 200,000 400,000
If the premiums are discontinued after the payment of 5 annual premium, then policy will not lapse and will be converted into a
Limited Pay reduced paid up policy by reducing the sum assured to 1/3rd. All Future Bonuses will also be paid on reduced Sum Assured .
Option: Policy will continue till maturity on reduced sum assured basis. (premium paid / premium paying term x sum assured) +
Customer gets extended cover at 1.5 times reduced SA till age 80.
Ram aged 30, buys policy with 3 Lac Sum assured, pays 5 annual premiums & discontinues the premium payment, policy
Example continues with 1 Lac SA till maturity, on maturity age 45 he gets 1 Lac + GA + bonus (if any). His policy continues till he
attaints age 80 & he enjoys the extended coverage of 1.5 Lac.
Parameter Description
SN.
At the end of each policy year, guaranteed additions @ 3.5% of the sum assured compounding at
1 Guaranteed Additions
the end of each year is added to the policy during the 1st 5 policy years
From 6th policy year, compound reversionary bonus at the end of each year as declared by the
2 Reversionary Bonus
company from time to time is attached to the policy
During the premium payment term, provided the life assured is a major at the time of taking the
3 Inbuilt Accidental Benefit policy, in case of death due to an accident, then additional 2 times the base sum assured is
payable along with the death benefit as mentioned below (not applicable for minor life assured)
During premium payment term
1. Before Risk Commencement date – Refund of Premiums paid till the date of death
AND
b. 1.5 Times Base Sum assured till age 80 years in addition to Maturity benefit
If the life assured survives till the end of premium payment term, then Base sum assured +
5 Survival Benefit
guaranteed additions + vested bonuses (if any) is payable
Other Benefits:
SN Parameter Description
Any time during the policy term, after the payment of 3 years annual premium, policy may be
surrendered
Guaranteed Surrender Value - During the premium payment tem, a minimum of 30% of premiums
1
Policy Surrender paid till the date of surrender is guaranteed
Special Surrender value – is the value as declared by the company from time to time. It will always
be higher or equal to the guaranteed surrender value
A grace period of 30 days is available for half yearly mode
2
Grace Period
If premiums are not paid on the premium due date, or before the end of grace period, then policy will
lapse from the date of 1st unpaid premium. Policy holder will receive the death benefit as per auto
3 cover as mentioned below
Lapse & Reinstatement Policy can be reinstated within 3 years from the lapse date by paying all due premiums along with
interest
After payment of 3 annual premiums, if the policy lapses, then in event of death with in 2 years from
4 the lapse date, sum assured under the policy will be paid
Auto Cover
Documents Required:
PHOTO IDENTITY PROOF
Photo ID Cards issued by public sector undertaking / public financial Photo Credit Card (not expired) of primary holder
institutions / public sector banks
MAPIN Card (issued by NSDL) Photo ID provided by public sector banks
Passport Driving License
Voter Identity Card / Island Card issued by Republic of India Pan Card
Domicile Certificate with photograph issued by Municipal
Arms License issued by State & Central government
Corporation / Local Self Government / Local Government Authority
Freedom Fighter’s pass with photograph issued by Ministry of Home Pension Payment Order / Book / Card issued by State / Central
Affairs, Govt. of India Government of India
Photo Social Security Card (Smart Card) issued by Central / State Govt. or Identity Card with photograph issued by Government of Jammu &
Union Territories Kashmir
Ex-Serviceman Card Defense Dependant’s Card issued by Ministry of Defence
PIO (Person of Indian Origin) Booklet for returning NRIs Bar Council / Indian Medical Association / Senior Citizen Card
Current Employer’s Certificate / ID Card issued by current employer. Printed Ration card with Photograph and name of the Proposer is
(Please note that Service Record / Salary Slip will not be accepted) present
Last Educational Certificate issued by Recognized Board /
Personal Identification and certification by an Employee of Insurance University / Institute. (Educational qualification must be tallied with
Company the Proposal Form; And Admit Card / Mark Sheet should not be
accepted.)
Notarized affidavit as per format and stamp requirement specified Island Card issued by Republic of India
Letter from a recognized Public Authority or Public Servant under the Official stamp & seal. (Under this category, letter issued by Sarpanch /
Gram Panchayat / Thana in-charge / Village President / Village Headman / Member of Gram Panchayat / Block Development Officer etc.)
ADDRESS PROOF
Letter / Monthly outgoing bills (Only from registered cooperative
Credit card statement where customer is a primary holder
group housing societies)
Photo debit / credit card (not expired) of primary holder having address Address attested by Notary in non-judicial stamp paper of Rs.100/-
Photo ID proof issued by Bar council having address proof IRIS scanned household card with photograph (Issued by AP Govt.)
Valid Passport Valid Driving License
Voter Identity Card / Island Card issued by Republic of India Electricity Bill not older than 6 months
LPG (gas) Connection Book / Card / Pipe gas Bill / Gas Connection Letter Telephone Bill pertaining to any kind of connection like Mobile,
(not older than 3 months) landline, wireless etc. not older than 6 months
Letter from a recognized Public Authority or Public Servant under the Written Confirmation from the Bank of the prospect or Bank Account
Official stamp & seal Statement with 6 months transaction
Current Employer’s Certificate / ID Card issued by current employer Ration Card in the name of parents / spouse provided it establishes
mentioning Residence Address (Please note that Service Record / Salary the relation of parents / spouse with the Proposer from the details
Slip will not be accepted) provided in the Proposal Form
PIO (Person Of Indian Origin) Booklet for returning NRIs Post Office Savings Pass Book
Valid lease agreement along with rent receipt, not older than 3 months Residential Certificate issued by Municipal Corporation
House / Property Tax assessment / Paid Receipt / Challan Registration Certificate of Vehicles
Property Allotment Letter by the Builder Island Card (issued by Republic of India)
Sale Deed / Conveyance Deed / Gift Deed (the original deeds should be PAN confirmation letter issued by the Income Tax Department along
registered & stamped) with the copy of PAN Card
Ex-Serviceman Card Notarized affidavit as per format and stamp requirement specified
Any acceptable residence proof in the name of the Parent in Law or
Letter from a recognized Public Authority or Public Servant under the
parents of a married women / widow (Proposer) provided the
Official stamp & seal (Under this category, letter issued by Sarpanch /
relationship is established from the details given in the Proposal form
Gram Panchayat / Thana In-charge / Village President / Village Headman /
or the proposer gives a declaration that she stays with her Parent-in-
Member of Gram Panchayat / Block Development Officer etc.)
Law
Arms License Defence Dependant’s Card issued by Ministry of Defence
If the insured does not have his or her own address proof then he or she Current Employer’s Certificate / ID Card issued by current employer.
can give the address proof of his or her Father, Mother, Spouse and (** Note - Service Record / Salary Slip will not be accepted)
Children as per the format
Pension Payment Order / Book / Card issued by State / Central Freedom Fighter’s pass with photograph issued by Ministry of Home
Government of India Affairs, Government of India
Photo Social Security Card (Smart Card) issued by Central / State
Identity Card with photograph issued by Government of Jammu & Kashmir
Govt. or Union Territories
Printed Ration card with Photograph and name of the Proposer is present
AGE PROOF
STANDARD AGE PROOF
a) Birth Certificate issued by the Municipal authorities
b) School / College Certificate, Board / University admit card / hall ticket / marks sheet, Transfer certificate issued by the school / college in a
authorized format duly signed and sealed; It is mandatory that School / College certificates bear name and address of School / College
and registration / admission number & date of registration / admission along with name & father’s name of the life to be assured
c) Passport
d) Service Extract with Age, Address and Identity on Letter Head in case of Central Govt. / State Govt. / Municipal / PSU / Reputed
organizations and companies
g) Gram Panchayat Certificate with photo: should be an extract from the register of Gram Panchayat with the serial number of record on the
register appearing thereon
j) Provident Fund Statement issued by the Employer in case of PSU employees
l) Employee Identity Card (bearing DOB) issued by Central Govt. / State Govt. / Municipal authorities / PSU / Reputed private Company for
their employees
m) LIC Policy Document is a valid standard age proof subject to the condition that the age has been admitted by LIC based on
certain age proof codes such as: P: Passport, S: School Certificate, C: College Certificate, M: Municipal Birth Certificate, B:
Baptism Certificate, I: Defence ID Card, J: Domicile Certificate. LIC Policy Documents received with the above abbreviations
only will be accepted as standard age proof.
NON - STANDARD AGE PROOF
a) Voter’s Identity Card / Election Commission Card
b) Ration Card with date of issue mentioned on the ration card
e) Declaration of Date of Birth given under the certification of Sarpanch/Gram Panchayat Authorities -
LIC policy document, where age admitted is yes and codes other than mentioned above Affidavit notarized (to be confirmed by OPS)
- Consent from Life assured for NSAP Extra premium along loading premium to be provided in the proposal form.
Underwriting Criteria:
4. Self – employed female life unable to provide income proof / Housewife – Insurance cover upto Rs. 5 lacs can be granted without insisting on
husband’s insurance
5. Age Proof: Std & Non Std as per company’s underwriting guidelines. In case of children below 18 yrs of age (as on last birthday)
standard age proof is mandatory
6. Army / Navy / Air force / Police / Mining & other hazardous occupations are not eligible under this policy.
If life assured is a minor under age at issue below 7 years, risk under the policy will commence from the later of
Risk Commencement Date is 7 yrs completed age or two years from Policy Commencement whichever is later.
REQUIREMENT GRID
1
In case of existing Policy with FG if the limit exceeds Rs. 5 lacs, medicals will be required as per Medical grid
Any Policy Above Rs. 5 lacs (in combination of all FG products) will fall under non Simplified Underwriting with Medicals
Application Form
a) Form should be completely filled
b) If anything overwritten or scratched in the application form it must be countersigned by Proposer
c) The name as stated on proofs submitted and proposal form should be same
d) For Male Lives in case of difference in name - Application form Vs ID / Age / Address proof Gazette copy with News paper
notification cutting to be submitted
2
e) For Female Lives in case of difference in name - Application form Vs ID/Age/Address proof, a maiden name declaration or name
change declaration to be submitted
g) Signature in the Application forms, Age Proof, Id Proof and Address Proof should be the same