Whole Life Assurance (Suraksha)

 

Whole Life Assurance (Suraksha)

This is a scheme where the assured amount with accrued bonus is payable to the insured either on attaining the age of 80 years, or to his/her legal representatives or assignees on death of the insured, whichever occurs earlier, provided the policy is in force on the date of claim.

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

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 5 years

ü  Can be converted into Endowment Assurance Policy upto 59 years of age of the insurant provided the date of conversion does not fall within one year of the date of cessation of premium payment or date of maturity.

ü  Premium paying age can be opted for as 55,58 or 60 years

ü  Proportionate bonus on reduced sum assured is paid if policy is surrendered

ü  Last declared Bonus- ₹ 76/- per ₹ 1000 sum assured per year​

Source:www.indiapost.gov.in