Five Phase Payment Scheme

Under this plan, policies with terms of 15, 20, 25 and 30 years may be taken. Under the plan, when one-fifth, two-fifths, three-fifths and four-fifths of the term have elapsed, survival benefits are paid at the rate of 10%, 15%, 20% and 25% of the sum assured respectively, and at the end of the term the remaining 30% is paid together with profit. Even after the 1st, 2nd, 3rd and 4th installments have been paid, if the policyholder dies within the term while the policy is in force, the full sum assured will be paid along with the accrued bonus. Premiums may be paid on an annual or half-yearly basis. Supplementary covers such as Accidental Death Benefit (ADB), Permanent Disability and Accident Benefit (PDAB) and Hospital Insurance (HI) may be taken along with this policy. The maximum age at maturity is 65 years. After premiums have been paid for at least two years, the policy acquires Paid-up insurance benefit and Surrender Value. If required, 90% of the surrender value will be paid as a loan.