!! KNOW YOURSELF AND TELL YOUR BPM TOO !!!!

!! KNOW YOURSELF AND TELL YOUR BPM TOO !!!!


Maturity value:
Suppose a person whose age at his next date of birth 30 years takes a EA policy maturity at age 40 of sum assured Rs.1,00,000.
Sum assured: Rs.1,00,000
Date of birth: 6.6.1975
Date of acceptance: 6.7.2005
Plan: EA-40
Term: 10 years
Bonus Payable: Bonus per thousand x Sum assured x Term of the policy
= 635 X100000
------
1000
= Rs.63500/
Total maturity value: Policy value+ Bonus accumulated
= 1,00,000+63500= Rs.1,63,500/
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Surrender /loan calculation
Sum Assured: Rs.1,00,000
Plan : EA-40
Date of acceptance: 9.3.2009
Age at entry: 19 years (DOB 6.6.1990)
Date of maturity: 6.6.2030
Term: 21 years
a) If applied for surrender /loan after three years and if the premia has been paid for 3 years, then
Date of surrender: 9.3.2012
Attained age: 22 years
(A) Reduced sum assured/paid up value= (sum assured x No.of months/year premia paid)
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No. of months /years premia payable
= (Rs.1,00,000 x 36)
-------------------------
( 21 x12)
= Rs.14285/
Surrender value= (A) above x Surrender factor
= 14285 x 0.420=Rs.5999.70 say Rs.6000/ ( Bonus will be added only if
the policy is in force for 5 yrs and more)
Loan: 60% of surrender value= Rs.3600/
b) If applied for surrender /loan after 5 years and if the premia has been paid for 77 months then,
Date of surrender: 8.7.2014
Attained age: 25 years
A)Reduced sum assured/paid up value= Sum assured X No. of months/years premia paid
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No.of months/years premia payable
= 100000 X 77 months
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21 X12
Paid-up value = 30555.55
Surrender value= (A above + Bonus) X Surrender factor
= Surrender factor for attained age of 25 years + one month
0.485+0.001 =0.486
= ( 30555.55+12271.85) X0.486
= 20814.10
Loan 80% of surrender value =Rs.16651.28 say Rs.16600//
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Bonus calculation = Eligible bonus
-------------------------- X Total premium paid (375 X77= 28875)
Total premium for the whole term
= ( 375 Monthly premium) X252( No. of months) =94500
= 425 X 94500
---------
1000
= 40162.50
= 40162.50 X 28875
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94500
=Rs.12271.85