Smart One Pay helps you meet your protection and investment needs and aims to generate wealth by investing in the funds of your choice along with provision of life cover.
|Entry age (Life Assured)||7 years||70 years|
|Policy Term||5 years||25 years|
|Premium Payment Term||Single premium only|
|Annual Premium||` 100,000||No Limit,
subject to underwriting
|Sum Assured||1.25 x Single Premium||10 x Single Premium (depending upon your age and Policy Term)|
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.
You want to be financially comfortable and ensure that you have adequate funds in place to fulfill your dreams and to enjoy your life. Your living expenses and financial goals vary with different stages of your life, whether saving for retirement, raising a child or simply having the financial freedom to do as you want.
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
Your policy will mature at the end of the policy term as chosen by you at inception. You will receive the fund value based on the prevailing NAVs at maturity.
Your fund value will be enhanced by Loyalty Additions as per table below. Loyalty Additions will be added at end of each policy month, starting from 61st policy month till the end of the policy term and will be a percentage of fund value.
|Policy month||Loyalty Additions per month as a percentage of fund value|
|61st to 120th||0.025%|
|121st till end of policy term||0.06%|
You can choose to invest in 5 investment funds with equity exposure ranging from 0 to 100%, 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. Bahri, age 45 chooses to pay a single premium of ` 10,00,000 as shown below. He opts for a Sum Assured of 125% of the single premium. The table below shows maturity values assuming annual gross investment return of 4% and 8% with 100% investment in Equity II Fund.
|Single Premium (`)||Sum Assured (`)||Assuming Gross Investment Return for a 15 year Term (`)|
|4% p.a.||8% p.a.|
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 Goods and Services Tax & applicable cess (es)/levy, if any (@18%).
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