iSelect+ Term PlanWebsite_PPT.pdfDeath/ Terminal Illness (TI) Benefit •Sum Assured on Death on...

"This is the authorized presentation and should not be altered without the permission of the Insurance Company.“ Version : Dec’19

iSelect+ Term Plan An Individual Non-Linked Non-Par Pure Risk Premium Life Insurance Term Plan

UIN - 136N072V01


Abbreviations used

SA

•Sum Assured

PT

•Policy Term

PPT

•Premium Payment Term

AP

•Annualised Premium*

SA

•Sum Assured

*Annualized Premium is the Premium payable in a year chosen by the Policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any.

LA

•Life Assured

ROP

•Return Of Premium

TI

•Terminal Illness

NA

•Not Applicable

BAUP

•Board Approved Underwriting Policy


KEY FEATURES

Insurance cover at a price that will not pinch customer’s pocket

• Plan Option

• Coverage Option

• Premium payment Option

• Benefit payout Option

• Additional inbuilt coverage

Various options to align the plan to customer’s needs

Option to cover for a limited period or for entire lifetime

• Accidental Death Benefit

• Child Support Benefit

• Accidental Total and Permanent Disability Benefit

Augment cover through additional inbuilt coverage


KEY FEATURES

• Single Premium for entire term

• Payment for a Limited Duration of 5/10/15/20/25 years

• Pay only during your working years i.e. till you turn 60 years

• Regular Pay

Multiple premium payment options

• Lump-sum

• Monthly income

• Part lump-sum part monthly income

Multiple options to receive benefits

Flexibility to Increase life cover aligned with changing life stages and protection needs at key life milestones

Level/Increasing Income


Add Spouse in same policy with a discount on the rates for the Spouse

Discount on premiums for higher Sum Assured and for female lives

Loyalty discount for the existing customers of the Company

^Tax benefits on premiums paid and benefits received as per prevailing tax laws

KEY FEATURES

^Tax benefits as per prevailing tax laws and may be amended from time to time. For tax related queries, contact your independent tax advisor


CHOICe Customer Service - USP

Claims Manager

• Assist the family in the most critical stage of life insurance policy

Customer Support

• In case of any query, tele-assist facility is available for customers through Phone, SMS and e-mail


Buying Process

Select Plan Option

Select Coverage

Option

Select Optional In-Built Covers

Select Spouse Cover

Select Benefit Payout Option

Choose Boundary Conditions


Life Option

Option

1

iSelect+

Option

2

Option

3

Life Plus

Life with Return of Premium

Buying Process Step 1 - Select Plan Option Options to match Needs

Coverage Option :-

Level; Increasing; & Decreasing

Optional In-Built Covers :-

CSB; ADB; ATPD-PPP, & ATPD-PP

The Plan Option once chosen cannot be altered during the Policy Term


Buying Process Step 2 - Select Coverage Option

Level Coverage

Sum Assured remains same throughout policy

term

Increasing Coverage

SA will increase @5% p.a. (simple interest)

Capped at 100% of the Original SA

Decreasing Coverage

SA remains constant till policy anniversary where LA attains 60 years of age.

SA reduces @ 5% per annum till 50% of original

SA

Policy will continue with 50% of SA

Not available if any Optional In-Built Covers

are chosen

Available with Life Option Only For Non-Working Spouse Sum Assured will remain constant at Rs. 25 Lacs


Flexibility To Increase Sum Assured

Under Plan Option Life - Level Coverage - Regular Premium

On marriage – 50% of the SA under the Plan

Birth of a child – 25% of the SA under the Plan

House purchase – 25% of the SA under the Plan

Thrice during the policy term (any 3 occasions)

Without further underwriting

Request should be made within one year of the occurrence of the Life Event

Applicable from the next Policy Anniversary

Option to increase cover on the life event of Marriage can be exercised only once during the policy Term


Illustration Level/Increasing/Decreasing Cover

Entry Age : 45 Years Policy Term is 30 years

(Regular Premium) Sum Assured : Rs. 50.00 Lacs

Particulars Sum Assured (in Rs.) varying over the Policy Years

End of Policy Year

5 10 15 20 25 30

Attained Age 50 Years 55 Years 60 Years 65 Years 70 Years 75 Years

Level Cover 50.00 Lacs 50.00 Lacs 50.00 Lacs 50.00 Lacs 50.00 Lacs 50.00 Lacs

Increasing Cover 62.50 Lacs 75.00 Lacs 87.50 Lacs 1.00 Cr 1.00 Cr 1.00 Cr

Decreasing Cover 50.00 Lacs 50.00 Lacs 47.50 Lacs 35.00 Lacs 25.00 Lacs 25.00 Lacs

Sum Assured contingent over Policy Term


• ADB and ATPD covers are not available with Whole Life Coverage

• Optional In-Built Covers once chosen cannot be altered

• Optional In-Built Covers will be level cover, even if increasing cover option is chosen

• LA/ Working Spouse can choose any Option at inception/ while being added for coverage

• Optional In-Built Covers will not be available with decreasing cover option

• CSB Cover, can also be added subsequently during policy term subject to T&Cs*

Buying Process Step 3 Select Optional In-Built Covers

Accidental Death (ADB) Child Support Benefit

(CSB)

Accidental Total & Permanent Disability –

Premium Protection Plus (ATPD-PPP)

Accidental Total & Permanent Disability –

Premium Protection (ATPD-PP)

.

Available with Life Option Only


Optional In-Built Covers

Accidental Death Benefit (ADB) – on accidental death

# Amount payable on earlier of Death or diagnosis of TI plus ADB Sum Assured will be paid

# Policy will terminate

Child Support Benefit (CSB)- On Earlier of death /diagnosis of TI of Life Assured

# CSB Sum Assured along with Amount payable on earlier of Death or diagnosis of TI

# Policy will terminate

Accidental Total & Permanent Disability – Premium Protection Plus (ATPD-PPP)- On accidental total & permanent disability

# ATPD Sum Assured will be paid

# All future premiums payable will be waived (for the respective life)

# Policy will continue with other coverages opted.

Accidental Total & Permanent Disability – Premium Protection (ATPD-PP)

On accidental total and permanent disability

# All future premiums will be waived off (for the respective life)

# The policy will continue with other coverages opted.

Cannot be chosen with ATPD PPP


Spouse can be added at inception or subsequently within one year of

date of marriage

Addition is subject to product boundary conditions

Risk cover will start from policy anniversary following acceptance

Policy Term, Premium Payment Term and Premium Payment Frequency

remains same as base plan

SA will be as chosen by the working spouse; not capped to LA Sum Assured

For non-working spouse Max SA - Rs. 25 Lacs

On death of Life Assured,

Sum Assured will be paid and policy continues & Premium is reduced

On death/ Diagnosis TI of the surviving Life Assured, Sum Assured will

be paid; policy terminates

Buying Process Step 4 Option to cover Spouse • Available with Life Option Only • Not available for Limited Premium up to age 60 & Whole Life Option • Limited Premium Payment policy holders cannot add spouse subsequent to policy issuance


Lump Sum

Non working spouse can opt Lump sum only

Life Option - Whole Life Coverage Can opt

Lump sum Only

Monthly Income

Level Monthly income

Increasing Monthly income

• @ 5%/10% p.a. (simple interest) for 120 months or till end of Policy Term

• Maximum up to 40 years

• To be decided at point of sale

• Cannot be changed later

Part Lump sum & Part Monthly Income

.

Additional benefits can only be paid in Lump sum

Equal monthly installments over 120 months or till the end of policy term

subject to max. 40 years

Increasing Monthly income

# @ 5%/10% p.a. (simple interest) for 120 months or till end of Policy Term

# Maximum up to 40 years

# To be decided at point of sale

# Cannot be changed later

Buying Process Step 5 Benefit Payout Options – On Death

Lump Sum Monthly Income

25% 75% 50% 50%

75% 25%

Can be chosen at the time of buying the policy Cannot be changed once the policy has been issued


Select

Sum Assured

Policy Term Premium

Payment Term

Premium Payment Mode

Buying Process Step 6 Choose Boundary Conditions

Answer few basic questions about age, gender, health status, lifestyle habits, tobacco/alcohol consumptions details and occupational details

Generate premium quote and share personal information regarding occupation, lifestyle and health; and details of nominee, if applicable


Illustration

Plan Option Age (in years) Limited Pay 5

years

Limited Pay 10

years

Limited Pay 15

years Regular Pay

Life

18 16,214 9,122 6,942 4,286

20 16,216 9,124 6,944 4,316

30 26,023 14,627 10,634 6,250

40 50,054 28,678 20,942 12,525

50 1,29,235 65,516 46,927 27,934

Life with

Return of

Premium

18 - 15,653 12,209 8,770

20 - 15,655 12,211 8,772

30 - 24,333 18,532 13,597

40 - 45,162 36,075 25,014

50 - 1,01,151 76,132 56,853

Life Plus

18 - 1,20,719 95,253 78,745

20 - 1,20,721 95,255 78,747

30 - 1,63,966 1,29,252 1,06,624

40 - 2,25,602 1,77,615 1,46,204

50 - 3,09,966 2,43,610 1,99,555

Note: Premium amounts shown are exclusive of taxes

Assumption: Male; Non Smoker; Level Coverage Option Spouse Cover – No Policy Term: 30 yrs Sum Assured - Rs. 1 crore


Policy Benefits


Death/ Terminal Illness (TI) Benefit

• Sum Assured on Death on earlier of death /diagnosis of TI as per chosen –

• Coverage Option

• Optional Inbuilt Covers

• Spouse Cover &

• Benefit Payout Option

Life Option

• Sum Assured on Death on earlier of death /diagnosis of TI as per chosen Benefit Payout Option

Life with ROP

• Sum Assured on Death on earlier of death /diagnosis of TI as per chosen Benefit Payout Option

Life Plus

• Paid-up Sum Assured, payable immediately as lump sum irrespective of any benefit payout option selected

• Paid-up SA = (Number of Premiums paid / Total number of Premiums payable)*Sum Assured.

Paid-up Policy – All Options


Death Sum Assured

Sum Assured on Death (payable on earlier of death or diagnosis of TI) shall be

Higher of

Sum Assured

(if Coverage Option other than Level is chosen, it will vary over the policy term)

10 times the Annualized Premium / Single Premium

(as applicable)

105% of all the Premiums paid as on date of death or diagnosis of Terminal Illness whichever happens earlier

(excluding the premiums paid for Optional In-Built Covers, if

any)


Maturity/Survival Benefit

Sum Assured on Maturity -100% of total premiums payable, excluding underwriting extra premiums,

if any, rider premiums and taxes

• No Maturity/ Survival Benefit

Life

• Sum Assured on Maturity

Life with ROP

• Sum Assured on Maturity & Policy Continues

• On Subsequent death/ Terminal Illness till 99 years of age; (Extended Cover Period) Sum Assured to be paid

• On Attaining age 99, Sum Assured to be paid

Life Plus


Rebates/ Premium Differentials

• High Sum Assured

• Loyalty Rebate (Existing customer)

• Female lives

• Spouse of Life Assured

Rebates/ Premium Differentials


Grace Period

30 days from Premium due date for annual, half yearly and

quarterly modes

15 days from Premium due date for monthly mode

Policy will remain in force during grace period


Lapse

Plan Option Life - Regular

Policy shall acquire Lapse status on expiry of grace period

No benefit shall be payable

If not revived within the Revival Period, the policy shall

terminate upon expiry of the Revival Period.

Plan Options Life - Limited Premium Policies (after having paid

premiums for first 2 Policy Years)

Early Exit Value shall be payable

Plan Option: Life with Return of Premium Policies & Life Plus

(If due Premiums not paid within grace period in first 2 Policy

Years)

Policy shall acquire Lapse status on expiry of grace period

No benefit shall be payable


Early Exit Value Only in Life – Limited Pay Option: before PPT is over

Not applicable for Regular Premium policies

Early Exit Value shall be payable After premium paid for first 2 Completed

Policy Years

Early Exit Value shall be payable on the earliest of the following terminations:

Request for termination of the Policy by the Policyholder; or

Death of the Life Assured / Spouse when the Policy has lapsed; or

End of Revival Period

Early Exit Value = A x Total Premiums Paid x [Unexpired Term / Policy Term]

Factor A varies by PPT and the number of complete years’ of premiums

paid.

Unexpired Term = Policy Term - Number of Policy Years for which

premiums have been paid


Revival

Policy can be revived within 5 years from due date of first unpaid premium

All due premiums need to be paid along with prevailing interest

Life Assured may have to undergo medical tests if required by Company’s BAUP

Revival will be either ob its original terms or on modified terms as per Company’s BAUP


Paid-up

Paid-up SA = (Number of Premiums paid / Total number of Premiums payable)*Sum Assured.

Applicable only for Plan Options Life with Return of Premium and Life Plus Policy will acquire a paid-up status at the expiry of the Grace Period from the due date of the first unpaid premium, provided first 2 consecutive policy years premiums have been paid

Paid-up benefits will be available during the Policy Term / Extended Cover Term.


Surrender

• Regular Pay - No surrender value

• Single Pay - From the first Policy Year

• Limited pay -

• After payment of all due premiums

• Value will vary by PPT and the Policy Year of Surrender

Life Option

• After payment of at least first 2 Policy Years' Premiums.

• Surrender Value is higher of {Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV)}

Life with Return of Premium Option &

Life Plus Option


Free Look Cancelation

• Within 30 days from the date of receipt policy document

• If the Policyholder returns the policy stating the reason for

non-agreement with any term of the policy during the free

look period, the Company will cancel the policy and refund

the premiums received after deducting proportionate risk

premium, applicable stamp duty charges and medical

expenses, if any.


• Policy loan facility is not available under this plan

Policy Loan

• Nomination may be made in accordance with Section 39 of the Insurance Act, 1938 as amended from time to time

Nomination

• Assignment is allowed in accordance with Section 38 of the Insurance Act, 1938 as amended from time to time

Assignment

• Premium paid and benefits received are eligible for Tax deduction under section 80C and section 10(10D) of Income Tax Act, 1961 respectively

*Tax Benefits

Policy Conditions

*Tax benefits as per prevailing tax laws and may be amended from time to time. For tax related queries, contact your independent tax advisor


Boundary Conditions


Minimum

18 Years

Maximum

65 Years

Decreasing Coverage Option - 55 years

Life Option - PPT Up to Age 60 - 55 years

Life with ROP* & Life Plus - PPT Up to Age 60 - 50 years

Single Premium - 45 years

Non Working Spouse – 50 years

*ROP - Return of Premium

Entry Age


Maturity Age

Minimum

28 years

Maximum

80 Years

Life - Whole Life

99 years

Life -ADB / ATPD -

75 years

*ROP - Return of Premium


Premium Payment Term

Life

Limited Pay

5*/10/15/20/25 &

Up to Age 60 years@#

Regular Pay – equal to Policy Term

Single Pay

(Not for Whole Life Coverage)

Life with ROP

Limited Pay

10/15/20/25 &

Up to Age 60 years@


Life Plus

Limited Pay

10/15/20/25 &

Up to Age 60 years@


*5 years PPT with Policy Terms up to 9 years is only available for entry age 35 years and above

# Option not available for Spouse coverage

@ Minimum PPT under this Option will be 5 years and 10 years for Plan Option Life and other Plan Options respectively *ROP - Return of Premium


Policy Term

(subject to Maximum Maturity Age)

Minimum

Life - 5 years*

Life (Decreasing Coverage) - 10 years

Life with ROP* & Life Plus - 10 Years

Maximum

Life – 62 years*

Life (Whole Life Coverage) - (99-Entry Age)

Life with ROP* & Life Plus - 30 Years

Policy Term of 5 years to 9 years is available only for Age at entry of 35 years and above.


Sum Assured

Minimum

Life - 25 Lacs

Life (Decreasing Coverage) - 50 Lacs

Optional In-Built Covers –25, Lacs

Life with ROP* & Life Plus - 15 Lacs

Maximum

As per Board Approved Underwriting Policy (BAUP)

ADB – 3 Cr

ATPD PPP – 1Cr

Non-Working Spouse – 25 Lacs



Yearly Half-Yearly

Quarterly Monthly


Policyholder may change the premium payment mode anytime during Premium Payment Term

Option to change the premium payment mode is only available under Plan Option Life.


Plan Summary

Plan Options Life Option Life with Return of

Premium Life Plus

Coverage Option Level Coverage

Increasing Coverage Decreasing Coverage

Level Coverage Level Coverage

Optional In-Built Covers

ADB; CSB; ATPD - PP; ATPD - PPP

NA NA

Option to cover Spouse

Yes NA NA

Benefit Payout Options

Lump Sum; Monthly Income; Part Lump sum & Part Monthly Income

Death/ Terminal Illness Benefit

Death/TI Benefit will depend upon selection of - Coverage Option

Inbuilt Covers Spouse Cover &

Benefit Payout Option

Death SA on earlier of death /TI as per chosen Benefit Payout Option

Maturity Benefit

No Maturity Benefit

Sum Assured on Maturity

Sum Assured on Maturity & Policy Continues

On Subsequent death/ Terminal Illness till 99 years of age; (Extended Cover

Period) Sum Assured to be paid On Attaining age 99, Sum Assured to be

paid


Plan Summary Continued …..

Plan Options Life Option Life with Return of

Premium Life Plus

Entry Age

Decreasing Coverage - 18-55 PPT Up to Age 60 - 18-55 Single Pay - 18 - 45 Years

Non Working Spouse - 18 - 50 Years

18 - 65 PPT Up to Age 60 - 18-50

18 - 65 PPT Up to Age 60 - 18-50

Maturity Age 28 - 80 Years

Whole Life - 99 Years ADB/TPD - 75 Years

28 - 80 Years 28 - 80 Years

Premium Payment Term

Limited - 5/10/15/20/25 & Up to Age 60;

Regular; & Single (Not for Whole Life)

Limited - 10/15/20/25 & Up to Age 60 Years &

Regular

Limited - 10/15/20/25 & Up to Age 60 Years &

Regular

Policy Term

35 Year Onwards - 5 - 62 Years Decreasing Cover - 10 - 62 Years

18 - 34 Years Entry Age - 10 - 62 Years Whole Life - 99-Entry Age 10 - 30 Years 10 - 30 Years

Sum Assured

25 Lacs - NL (Underwriting Policy) ADB - 25 Lacs - 3.00 Cr

ATPD PPP - 25 Lacs - 1.00 Cr Non Working Spouse - 25 Lacs Fixed

15 Lacs - NL (Underwriting Policy)

15 Lacs - NL (Underwriting Policy)


Annual, Half Yearly, Quarterly & Monthly


Exclusions


Exclusions

• In case of death of Life Assured / Spouse due to suicide within 12 months from the date

of commencement of risk/ revival of the policy, nominee shall be entitled to Higher of

• 80% of the Total Premiums Paid till the date of death or

• Surrender Value as on the date of death

Suicide exclusion:

• Accidental Death arising directly or indirectly from any of the conditions as mentioned

in product brochure and sample policy contract available on our website

Accidental Death Benefit (ADB) exclusions:

• Accidental Total and Permanent Disability (ATPD arising directly or indirectly from any of

the conditions as mentioned in product brochure and sample policy contract available

on our website

Accidental Total and Permanent Disability (ATPD) exclusions:


Summary

Insurance cover at an at a price that will not pinch anyone’s pocket

Cover Spouse in the same plan with Premium Rebate

Steady monthly income for the family

Secure Child’s future

Option to stay covered for Whole Life

Flexibility to Pay Single, Limited or Regular Premium

Quick issuance through simplified process

Rewards for healthy life style via Non Smoker rates

A dedicated claims manager to assist the nominee in case of an unfortunate event

Customers can upload the documents by browsing and attaching the document

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