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Benefits
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| Particulars | Description |
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Maturity Benefits
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The sum assured along with all vested bonuses is due on maturity of the policy. If the policy has run for 15 years or more terminal bonus if any is also due.
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Death Benefits
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The sum assured along with all vested bonuses are payable on death of the life assured. If the policy has run for 15 years or more as on date of the death, terminal bonus if any is also payable. 1/3rd of death benefit amount may be commuted by spouse if so opted.
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Loan against policy
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No loan is available under the policy.
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Surrender Benefit
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After the policy has run and premiums have been paid for at least 3 years. Higher of Special surrender value and Guaranteed surrender value is payable.
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Tax Benefits
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| Section | Description |
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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