money plus

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Information about money plus
Education

Published on June 19, 2007

Author: Alien

Source: authorstream.com

Slide1:  MONEY PLUS:  MONEY PLUS Types of Funds: Features:  Features Minimum S.A. Regular Premium: 5 Times of Annualized premium OR ½ of the Policy Term X Annualized Premium – Whichever is high Single Premium: 1.25 Times the S.P. Maximum S.A. Regular Premium: 20 Times of Annualized premium if Age at entry is up to 55 Years 10 Times of Annualized Premium if Age at entry is 56 Years andamp; above Single Premium: 5Times of S.P. if Maturity Age is up to 65 Years 3 Times of S.P. if Maturity Age is 66 to 70 Years 2.5 Times of S.P. if Maturity Age is 71 Years andamp; above Features:  Features Minimum Premium: Regular Premium: Rs.5000/- P.A. Single Premium : Rs. 10,000/- Maximum Premium: No Limit (S.A. will be in multiples of 5000) Minimum Age at Entry : 0 Years last birthday Maximum Age at Entry : 65 Years Nearer Birthday Policy Term : 5 Years to 20 Years Minimum Maturity Age : 18 Years Completed Maximum Maturity Age : 75 Years NBD Mode of Payment: S.P., Yearly, Half Yearly, Quarterly Benefits:  Benefits Death Benefit: Sum Assured OR Fund Value of Units (at the time of the liability booking) whichever is higher Maturity Benefit: Fund Value of Units Benefits:  Benefits Partial Withdrawal: Will be allowed after 3 Years May be in the form of fixed amount or No. of Units Partial Withdrawal is not allowed under a lapsed policy. Surrender is allowed after a minimum of 3 Years. Policy can be surrendered even if 3 years premium is not paid by giving a letter. (However SV is paid only after completion of 3 Years) Charges:  Charges Allocation Charges: Premium Allocation Charges: Single Premium Charges:  Charges Allocation Charges: Premium Allocation Charges: Regular Premium Other Charges:  Other Charges Mortality Charge: Will be taken every month by canceling Units. Policy Administration Charge: will be deducted throughout the term by canceling Units as under: Rs.60/- PM during the 1st Year Rs.20/- PM from 2nd Year onwards Fund Management Charge: Bond Fund : 0.75% Secured Fund : 1.00% Balanced Fund : 1.25% Growth Fund : 1.50% Other Charges:  Other Charges Service Tax Charge : 12.24% on Mortality Premium Surrender Charge : NIL Bid/Offer Charge : NIL Critical Illness/DAB : If opted, as per Ann II Switching Charge: 1st 4 Switches Free. Thereafter Rs.100/- per switch Other Features:  Other Features Applicability of Net Asset Value (NAV) If Premium received before 4.15 PM – Closing NAV of the day is applicable If Premium received after 4.15 PM – Closing NAV of the next day is applicable. The same is applicable for switching or Partial withdrawal Commission to Agents:  Commission to Agents For Regular Premium: 1st Year 10% 2nd andamp; 3rd Year 4% 4th Year onwards 2% Single Premium 2% Bonus Commission: 40% on 1st Year Commission No Bonus Commission on S.P. Other Features:  Other Features No Loan shall be granted on the Policy. Revival: Policy can be revived within 2 years of Lapsation. Back Date not allowed. Assignment andamp; Nomination allowed. PWB not allowed. CIR andamp; DAB allowed on payment of extra premium No Top-up of Premium allowed Underwriting Rules: Same as Table 14 Slide14: 

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