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State Life Big Deal (With Profits)This plan is designed to cater the financial protection requirement of a EXAMPLE A (4) Premium Calculation for Half a Unit:Suppose the man is aged 30. He wants to pay the premium for 15 years. He takes half a unit. The premium will be as under: Basic rate for one unit Rs. 2,709.99 Rate for half unit Rs. 1,354.99 Add annual service charge (see 1(a)) Rs. 8.50 Total Rs. 1,363.49 Rounded off yearly premium for half unit Rs. 1,363.00 EXAMPLE B (5) Calculation of Yearly Premium for Four Units:Suppose the man's age is 35, the premium paying term is 10 years and he wishes to purchase four units, the premium will be as under: Basic premium per unit Rs. 4,081.75 Less large policy rebate per unit (see 1 (b)) Rs. 37.50 Net Basic premium per unit Rs. 4,044.25 Total yearly premium for four units Rs. 16,177.00 (6) Calculation of premium by Monthly Banker's Order:Suppose the man in example B wishes to pay the premium by monthly Banker's Order. To arrive at the monthly premium, multiply the annual premium by 0.09 which works out to Rs. 1,455.93 The rounded off premium will be Rs. 1,456.00 (7) Medical Requirement:For underwriting purposes each unit will be taken as Rs. One Lac of life cover. (8) Supplementary Contracts:The following Supplementary Contracts can be attached to the Big Deal: (a) Accidental Indemnity Benefits (AIB)(b) Waiver of Premium Benefits (WP)(c) Special Waiver of Premium Benefits (SWP)(d) Guaranteed Insurability Rider (GI)(e) Hospital and Surgical Rider (HS)Notes: A ready reckoner is also available separately with the Corporation. The ready reckoner gives full details for a premium term of 20 years for ages upto 35 nearest birthday inclusive. For age 36 onward, the ready reckoner gives full details for premium cessation age 55 years.
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