Notice: Information on this website is currently being updated.
Probaho Pension Plan-72 (ka)
After working all your life this policy gives you much needed financial support during post retirement. The policy holder an enjoy the benefit as monthly payment in the form of pension. The premium payment would be waived for the remaining term of the policy you become permanently disabled due to illness or accident during the term of the policy. If case of unfortunate loss of life before the commencement of pension payment, the nominee will get the full sum assured. If you die during the pension payment term, your nominated beneficiary will get the remaining amount of the Sum Assured. If you survive the pension payment term, you will keep getting the pension at usual rate until death.
Key Features
- The principle objective of this plan is to provide financial support for post-retirement life.
- The sum assured will be equivalent to ten times the annual pension payable over 10 years of pension payment term.
- Upon the survival of the policy holder at the end of the pension payment term, he or she will receive pension until death.
- If the policyholder dies before the commencement of the pension, the nominated beneficiary will get the sum assured either in the form of lump sum payment or as pension depending on the preference of the nominee.
- If the policy holder becomes permanently disabled during the term of the policy, he or she would not have to pay any more premium but the policy will remain in-force.
- 50% of pension may be surrendered in lieu of cash benefit at the commencement of pension or within the first year of pension.
Eligibility & Parameters
| Entry Age: | Minimum 18 years to maximum 50 years |
| Exit Age: | At maturity, age of the policyholder can’t exceed 60 years. |
| Minimum Sum Assured: | The policy applicant must have own, valid & regular income. |
| Tenor/Term: | Available in 10 or 20 Years Term |
| Premium Mode: | Quarterly, Half-yearly & Yearly |
| Applicable Riders: |
You can choose one or more rider benefits to add your basic life insurance plan
|
Policy Benefits
- At Maturity: If the proposer remains alive up to the maturity date, the sum assured along with accrued bonuses will be paid at maturity.
-
On Death If the premium payer dies during the policy term: No further premium will be required.
Instead, the following benefits will be provided:- As an education benefit, 1% of the basic sum assured will be paid monthly until maturity.
- At maturity, the full sum assured along with accrued bonuses will be paid.
-
If the child dies before maturity:
Duration the policy remained in force at the time of child’s death
(Applicable from the date of revival in case of revival)Death Benefit Not more than 6 months 25% of the basic sum assured More than 6 months but not more than 12 months 50% of the basic sum assured More than 12 months but not more than 24 months 75% of the basic sum assured More than 24 months 100% of the basic sum assured ** If the premium payer dies first and thereafter the child dies during the education benefit period, the education benefit will cease, but at maturity the full sum assured along with bonuses will be paid.
- Tax Rebate: The Policy Holder will get benefit of income tax rebate.