According to the guidelines, the product design of traditional plans would remain almost the same.
New Traditional products wil have a higher death cover
i)For single premium policies it will be 125% of the single premium for those below 45 years and 110% of single premium for those above 45 years.
ii)For regular premium policies, the cover will be 10 times the annualized premium paid for those below 45 and seven times for others.
New Traditional products wil have a higher death cover
i)For single premium policies it will be 125% of the single premium for those below 45 years and 110% of single premium for those above 45 years.
ii)For regular premium policies, the cover will be 10 times the annualized premium paid for those below 45 and seven times for others.
Premium / Age
|
<45 years
|
>45 Years
|
Single Premium
|
125% of Premium
|
110% of Premium
|
Regular Premium
|
10 Times of Premium
|
7 Times of Premium
|
The minimum death benefit in case of traditional plan is at least the amount of sum assured and the additional benefits (if any)
In addition to the sum assured, the bonus / additional benefits as specified in the policy and accrued till date of death shall become payable on death if not paid earlier
These plans would continue to come in two variants, participating and non participating plans.
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