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Sanjay will receive a lump sum of INR 1,50,000 at 15th policy year
Every year Sanjay will receive survival benefit of INR 47,610 at 4% ARR and INR115,610 at 8% ARR upto 99 years.
On maturity at 64th year, Sanjay will receive maturity benefit of INR 1,000,000 at 4% ARR and INR 1,200,000 at 8% ARR
In case of Sanjay’s unfortunate demise during the 11th year, Sanjay’s nominee will get INR1,373,746 at 8% ARR and INR 1,118,720 at 4% ARR.
He also gets tax benefits on both premiums paid and benefits received.
The Death/Maturity Benefit in this plan can be taken either as a lump sum or income.
ARR stands for Assumed rate of return. If the policy offers guaranteed returns, then these will be clearly marked “guaranteed” in the Benefit Illustration. Since the policy offers variable returns, the given illustration shows two different rates of assumed future investment returns. The returns shown above are not guaranteed and they are not the upper or lower limits of what you might get back, as the maturity value of policy depends on a number of factors including future investment performance.
Bonuses consist of accrued Regular Additions net of encashment (if any), Interim Regular Addition and Terminal Bonus, if declared, before Income Start Date (ISD). Bonuses consist of Interim Cash Bonus and Terminal Bonus, if declared, after ISD.
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IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.
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