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Single Premium whole of life plan |
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Single premium whole of life plan is another addition to the repertoire of insurance products offered by HDFC Standard Life Insurance Company. A single premium whole life plan is built on the foundations on the payment of a single one time payment of premium for a cover which will last for the entire life or for 100 years (as is the case with most whole life policies). We discuss the salient features of the single premium whole life plan offered by HDFC Standard Life Insurance Company. |
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- This is a participative single premium plan.
- The amount that is paid is invested in a profits fund. The fund aims at providing secure and stable long term growth. A compound reversionary bonus is payable and in the case of death of surrender a terminal bonus is payable. Here it is necessary to note the fact that the bonuses are not guaranteed.
- It is possible for the policyholder to terminate the policy at any time after the policy has been in force for 6 months. Hence the policy acquires a surrender value after 6 months have lapsed.
- In the event of death the nominee gets the sum assured along with the bonuses if any.
- An important advantage of this policy is that there are no requirements of any medical examination while taking up this policy.
- The eligibility for this policy minimum age of entry - 18 years maximum age of entry - 70 years
- There is a flexible mode of paying the premium. The premium may be paid either by cheque, draft or cash.
- The limits regarding the sum assured are:
- Minimum sum assured - Rs.25,000
- Maximum sum assured - Rs.5,00,000
- The premium is Rs.950 per thousand sum assured.
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