13. The Need To Launch SBI Life Unit Plus II Child Plan: Regulator’s directive to Banks & Insurance Companies For policies of more than 10 years term: Difference between gross and net yield not to be more than 2.25% FMC capped at 1.35% For policies of less than equal to 10 years term: Difference between gross and net yield not to be more than 3% FMC capped at 1.35% irrespective of the policy term (Ref: 055/IRDA/Actl/ULIP/2009-10) Circular No: 20/IRDA/Actl/ULIP/2009-10 Circular No: 29/IRDA/Actl/ULIP/2009-10 Need for transparency in the interest of customers investing money, banks should disclose to the customers, details of all commissions / other fees received from financial companies (Ref: RBI/2009-10/224; DBOD.No.FSD.BC.60/24.01.001/2009-10)
14. What It Meant For The…. The Insurers For a term <= 10 yrs, IRR @ 6% & 10% returns should not be less than 3% & 7% respectively For a term > 10 yrs, IRR @ 6% & 10% returns should not be less than 3.75% & 7.75% respectively Reduce fund management charges. Reduce allocation charges Modify plan features to accordingly The Customers Pay lower charges for his / her insurance investment Accumulate more out of his investments Reach target fund values earlier Save in the most cost effective way Be aware of all aspects of the investments
16. How does this Plan works? Maturity Benefit Death Benefit On Maturity, Fund Value is payable to the child either in lump sum or as per the settlement option On Maturity, Fund Value is payable either in lump sum or as per the settlement option Life Assured pays the premium SA is paid immediately Future premiums are paid by SBIL on behalf of the Life Assured D Year 0 Year 20 Year 12 Year 5 Year 10 Life Assured Dies
42. Mortality Charges Discontinue while other charges continueIf revival not done within 3 years from FUP , Surrender Value will be paid and policy will terminate Customer does not pay 2nd year premium Customer pays first year premium Revival Period – 3 years Year 4 Year 1 Year 2
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46. Surrender Charges No surrender penalty will apply if surrender is done after completion of 5th policy years irrespective of the number of years of premium paid
48. Other Charges Fund Management Charges: Policy Administration Charges Equals to Rs 60/ month
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50. For More Details :K.PrakashInsurance AdvisorSai Services9160003221N.Hari KrishnaAgency Manager9989389716 Thank You
Hinweis der Redaktion
On death of life insured, SA is payable to the child, or to the appointee if the child is a minor.If the child also dies, subsequent to the death of the LI, then the policy benefits are payable to the legal heirs of the LIIf the LI is alive and the child dies, then the LI can continue the policy as per original schedule with a new nominee
Payments will be made in yearly, HY, quarterly or monthly mode as chosen by the customer with the later 3 options available through ECS credit only. At any point of time Policy Holder can ask for Full Payment. Partial withdrawals other than those scheduled are not allowedIn case of death of LI during settlement period, Balance Fund Value is paid to the legal heirs. Switches are allowed and first two switches per year over the settlement period are free. A charge of Rs. 100/- per switch is applicable beyond the free switches.
The payout for this benefit is made only once on the occurrence of accidental death or TPD, whichever is earlier
Switching will be allowed and first two free switches per policy year are free. A charge of Rs. 100/- per switch is applicable beyond the free switches. Unused free switches cannot be carried forward.
Subsequent to a partial withdrawal at any time during the policy term, if the fund value is not sufficient to recover the charges, the policy will be terminated immediately and the Fund value without deduction of any charges will be paid to the policyholder. All rights and benefits under the policy will automatically cease.
For unpaid premium during 1st Policy Year if policy is not revived during the revival period (3 years from the date of first unpaid premium), premiums received under the policy will be forfeited at the end of revival period. For unpaid premium during 2nd and 3rd Policy Year if policy is not revived, at the end of the revival period Surrender Value less relevant surrender charge is paid to the policyholder and the policy ends immediately. The surrender charge levied would depend on the number of years of premiums paidSwitching will be allowed and first two free switches per policy year are free. A charge of Rs. 100/- per switch is applicable beyond the free switches. Unused free switches cannot be carried forward.
If the policy has not been revived before the end of the revival period then:o Either SBI Life pays the fund value applicable as on date OR,o Upon written communication received from the policyholder before the end of the revival period asking for continuance of the policy, the policy will continue with full life cover. However if the Fund Value reaches a minimum of one full year’s premium at any time then the policy will be terminated and fund value will be payable to the policy holder. There are no extra charges for availing the facility of automatic Life Cover maintenance. No revival will be allowed thereafter.
The Policy will acquire a surrender value only after payment of full premium for the first policy year. Thus if one full year’s premium is not paid then on surrender request the premiums paid are forfeited.If the surrender request is received in the first 3 policy years, a lock in condition applies. The fund available is disinvested. Surrender value is monetary fund value net of relevant surrender charges and is paid on first working day of 4th policy year without any interest. After surrender request, no further premiums are due and no further charges are deducted. No revival facility is available. In case of death of life assured before the payment of the surrender value, such surrender value is payable to the beneficiary.If the surrender request is received after the completion of first 3 policy years, the fund value is payable immediately after deduction of the relevant surrender charges