This is a fixed
term policy. The premium has to be paid till the end of the
term or till the death of the policy holder which ever is
earlier. A part of the sum assured is paid to the Policy
holder once in 5 years. this benefit is called Survival
benefit. It is very important to note that the life risk cover
continues for full sum assured even after payment of survival
benefits to the Policy holder. Also the bonus is given on full
sum assured. On the death of the policy holder before
the term of the policy, the full sum assured along with
accumulated bonus is paid to the nominee. On the other hand,
if the Policy holder survives till the end of the term, the
amount of survival benefits already paid to him will be
deducted from maturity value .
Benefits:
Under this policy, apart from the life risk cover, the money
becomes available at regular intervals. The amount may be used
for short term financial needs like, purchase of household
durables or for children's education. or the amount received
as survival benefit can be reinvested in any secured
investment so that the policyholder will have a substantial
lumpsum amount at the end of the term of the policy.
Income Tax Benefit
Available upto 20% of Premium Paid
