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State Life Big Deal (With Profits)

This plan is designed to cater the financial protection requirement of a
present day average family. The plan is marketed for a minimum of quarter unit or a
multiple thereof. One unit means the protection of Rs. 1 lac sum assured. There is no
limit on the number of units that "can be offered depending on the need and financial
status of the prospect.
This plan has varied premium paying terms ranging from 10 to 25 years or
ceasing at age 35 to 55 years to suit the needs of the insuring public. The minimum age at
entry is 20 years and the maximum age at entry is 45 years. The cover however lasts up
to the age of 60 years.
For each unit of BIG DEAL the following benefits are available.

(i) On Death during the premium paying period. Rs. 55,000/- in lump sum
and Rs. 45,000/- in monthly instalments of Rs. 250/- for 15 years plus
only accrued bonuses on Rs. 25,000/-


(ii) On survival to the end of premium paying period Rs. 25,000/- plus bonuses
thereon. There is a valuable option available to leave the survival benefits or
part thereof with State Life to accumulate upto age 60. For accumulated
benefits refer to the Table on page 65.
(iii) On death after the end of the premium paying period and before age 60,
Rs. 55,000/- in lump sum and Rs. 45,000/- in monthly instalments of
Rs. 250/- for 15 years plus accumulated survival benefit, if left with State
Life.

(iv) In the event of death by covered accident before age 60 a further sum of
Rs. 25,000/- per unit is also payable.
Other details are given below:

(1) Service Charge and Policy Rebate.
(a) A flat annual service charge of Rs. 8.50 per policy for less than one unit.
(b) A large policy rebate of:
(i) Rs. 12.50perunitfor2ormoreunitsbutlessthanfourunitsor
(ii) Rs. 37.50 per unit for four or more units.



(2) Rounding off to nearest rupee:
The basic premium rates are given in paisas per unit of the Big Deal. The
method of arriving at a premium will be to multiply the rate with the units
required and the figure finally arrived at is to be rounded off to the nearest
rupee (50 paisas or over as a next higher rupee). If the mode of premium
payment is other than yearly, multiply the annual premium as determined
above by the following factors and round off the result to the nearest rupee.


(3) Modes other than annual
Mode Factor
HalfYearly 0.52
Quarterly 0.27
Monthly by Banker's Order 0.09
Monthly by salary deduction Add 5% to the yearly premium and
Divide by 12 and round off.


 

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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