Grow Smart plan is a whole life unit linked plan which provide insurance cover throughout your life. This is an affordable insurance plan in which you can pay premiums for a limited duration and get lifelong insurance cover.
|Entry age (Life Assured)||7 years||65 years|
|Policy Term||Whole of Life|
|Premium Payment Term||10 years||99 - (Age at entry)|
|Annual Premium||` 25,000||No Limit|
|Sum Assured||For ages below 45 years: 0.5 X T X
Annual Premium (T = 70 - age at entry)
For ages 45 years & above:
7 X Annual premium
|No maximum limit,
subject to underwriting
In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Life is all about the choices you make. And with every choice you make your biggest concern is whether you have taken the right decision to fulfill your responsibilities. Keeping this in mind, this whole life insurance plan has been designed to enable you to provide you and your spouse with financial security throughout your retirement.
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
1% of your Fund Value added by way of additional allocation of units at the end of 15th policy year to boost your investments
You can choose to invest in 5 investment funds with equity exposure ranging 0% to100%, depending on your investment philosophy:
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80 C of income Tax Act, 1961. Please note that tax laws are subject to amendments from time to time.
#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
Mr. Singh, age 40, chooses to pay annual premiums as shown below. He opts for a Sum Assured of 15 times the annual premium and a Premium Paying Term of 20 years. The table below shows surrender values as at the policy anniversary immediately after Mr. Singh's 99th birthday for multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in Balanced Plus Fund.
|Annual Premium (`)||Sum Assured (`)||Fund Value (`) at age 99 assuming Gross Investment Return of|
The assumed rates of return (4% p.a. and 8% p.a.) shown in the above illustrative example are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your policy depends on a number of factors including future investment performance. The Fund Values shown in the above illustrative example are after deduction of service tax and cess (@14.5%).
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