Family Pension Plan

This is a modified Three Payment Plan. If the instalments at the end of l/3rd and 2/3rd of the policy term are not withdrawn, additional Deferred Term Insurance automatically commences (without any declaration of good health or medical) i.e. the event of the death of the assured at or after the end of l/3rd policy term, in addition to the basic sum assured plus bonuses (if any) all of the following benefits become payable:
(a) An amount equal to 25% of the sum assured.
(b) Basic Income Benefit for a guaranteed period of 10 years.
(c) Supplementary Income Benefit depending upon the number of children surviving at the death of the assured.

(d) A lump sum payment on termination of all income benefits.
If the assured dies at or after the end of 2/3rd of the policy term the death benefits described in (a) to (d) above are further increased as shown in the Table of Benefits.
Maturity Benefits
On survival of the life assured till maturity, the sum assured (plus bonuses if any) will be payable after deducting any amount with drawn at the end of 1 /3rd or 2/3 rd of the policy term.
Notes:
Basic Income Benefits are payable for 10 years from the date of death of the Life Assured. The benefits in columns 2 and 4 as well as 3 and 5 will be added if both the instalments are not withdrawn. Supplementary income benefit will be equal to or 50% of the Basic Income Benefit as mentioned in the description of the plan.
 

Table 12
FAMILY PENSION PLAN
Income Per Annum and Lump Sum Benefits under the Plan
Term 18 years (Additional Death Benefit) Sum assured Rs. 1000/-

Table 12
FAMILY PENSION PLAN
Income Per Annum and Lump Sum Benefits under the Plan
Term 21 years (Additional Death Benefit) Sum assured Rs. 1000/-

Table 12
FAMILY PENSION PLAN WITH PROFITS