progressive insurance.
Progressive insurance. Insurance amount, fraud, before entry, before maturity, premium payment method, benefits, maturity, death claims, loan facility.
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| progressive insurance |
This is a very attractive plan to get a large amount of insurance for a relatively low premium. This insurance is popular because of the low premium rate at the beginning of the career. After five years, the term of insurance can be reduced by paying increased premium in line with the increased income of the insured.
1. Insurance amount
All the best 30,000 money
2.Duration
If not converted, premium is payable till the age of 70 years or before death. If converted, the term will be 10, 15, 20, 25, 30 and 35 years.
3. Entry age
50 years (maximum)
4. Age at maturity
70 years (maximum)
5.Premium payment method
Quarterly, bi-monthly, yearly
Benefits.
1. Maturity
If the insured survives till the end of the term, the insured is paid the sum insured along with the earned bonus.
2. Death claims
In the event of death of the policyholder at or before the end of the term of insurance, the nominee (s) is paid the sum assured along with the bonus.
3.Investment / loan facility
If the insurance is operational after paying the premium for at least two years, up to 90% of the surrender value of the investment or loan facility can be availed on easy terms.
4. Surrender of insurance
The policy acquires a surrender value if the premium is paid for at least two years.
5. Income tax
In addition to the total premium (paid insurance) from the sum insured, 5% withholding tax has to be paid on the excess amount. Income tax rebate is available on the paid premium. Death claim is tax free.
6. Affiliate insurance
Accidental death insurance can be taken along with the original insurance and accidental death and mutilation insurance can be taken as associate insurance.
