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Thursday, September 1, 2016

JOINT LIFE ASSURANCE (Yugal Suraksha)

Main Features:-

  • It is a joint-life Endowment Assurance in which one of the spouses should be eligible for PLI policies.
  • Life insurance coverage is provided to both the spouses to the extent of sum assured with accrued bonus with only one premium.
  • A spouse need not be an employee.

Minimum.& Maximum Age at Entry:-

  • Mini. age at entry is 21 years and the maxi. age at entry is 45 years on next birthday.

Terms:-

  • Flexible Premium between 5 years to 20 Years. Minimum 5 years and maximum 20 Years.

Sum Assured:-

  • The minimum Sum Assured is Rs 20,000 and the maximum Sum Assured is Rs50 lacs. Additional sum assured in multiple of Rs 10,000/-.

Conversion:- 

  • The policy may be converted into an Endowment Assurance Policy in case of Divorce.

Premium

The premium based on equivalent age at next birthday is calculated by addition to the lower age depending upon difference in age of spouses. Table "A" for addition in lower age and Table "b" shows premium for equivalent age (Next Birthday).

Loan and Surrender:-

Loan facility is available after completion of three years and policy can also be surrendered after completion of three years. The policy is not eligible for the bonus if surrendered or assigned for a loan before completion of 5 years. Proportionate bonus on the reduced sum assured is accrued if the policy is surrendered or assigned for a loan.

Nomination and Assignment:-

  • Nomination and Assignment facility available under this plan.

Claims :

  • The sum assured along with accrued bonus of the policy in full force will be payable to -
a) the insurant at the end of endowment term i.e. date of maturity if both the lives survived.

or ,

b) the survivor on death of one of the spouses before the date of maturity.

or,

c) the nominee/Legal heirs on the death of both the insured lives simultaneously.
  • Both the spouses should be healthy, confirmed A-I lives by the appropriate medical examiner and should be literate.

YUGAL SURAKSHA
(JOINT LIFE ENDOWMENT ASSURANCE)
(MONTHLY PREMIUMS FOR AN ASSURANCE OF Rs.10,000/-)



Age5 yrs6 yrs7 yrs8 yrs9 yrs10 yrs11 yrs12 yrs13 yrs14 yrs15 yrs16 yrs17 yrs18 yrs19 yrs20 yrs
211911591361181049384777064595551484542
221911591361181049384777064595551484542
231911591361181049384777064595551484542
241911591361181049384777064595551484542
251911591361181049384777064605551484542
261911591361181049384777064605551484542
271911591361181049384777065605552484542
281911591361181059384777065605552484542
291911591361181059484777065605652484543
301911591361181059485777065605652494643
311911591361181059485777165605652494643
321911591361181059485777165605652494643
331911591361181059485777165615653494644
341911591361191059485787166615753504744
351911591361191059485787166615753504744
361911591361191059486787166615754504745
371911591361191069586787266625854514845
381911601371191069586797267625854514846
391911601371201069586797367635855524947
401921601371201069687797368635956525047
4119216013712010796878074686460565351-
42193161138121107978880746964605754--
431931611381211089788817570656157---
4419316113912210898898276706662----
45194162139122109989083767167-----


Column (1) Difference between ages of two lives assured

Column (2) Additions to the lower age to arrive at the equivalent age of the two lives assured.

(1)0123456789101112131415161718192021222324252627282930
(2)01122334556788910111112131415161718192021222324

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