Convertible Whole Life Assurance (Suvidha)

Convertible Whole Life Assurance (Suvidha)

A Whole Life Assurance Policy with the added feature of an option to convert to Endowment Assurance Policy at the end of five years of taking policy.

ü  Assurance to the extent of sum assured with accrued bonus till attainment of maturity age

ü  In case of death, assignee, nominee or legal heir paid full amount of sum assured with accrued bonus

ü  Minimum age & Maximum age at entry: 19-55 years

ü  Can be converted into Endowment Assurance after 5 years not later than 6 years of taking policy. If not converted, policy will be treated as Whole Life Assurance

ü  Minimum sum assured ₹ 20,000; Maximum ₹ 50 lac

ü  Loan facility after 4 years

ü  Surrender after 3 years

ü  Not eligible for bonus if surrendered before completion of 5 years

ü  Last declared Bonus- ₹ 76/- per ₹ 1000 per year (for WLA policy if not converted to Endowment Assurance)

ü  ​On conversion, bonus of Endowment Assurance will be payable.

 

Source:www.indiapost.gov.in