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Three Payment Insurance Plan-03
The main objective of Three Payment Insurance Plan in to provide emergency financial support to the policy holder during the term of the policy as well as much needed financial security to family in case of unfortunate loss of life. It lets you decide how much you would like to get back before the maturity by deciding on the amount of Sum Assured for your life cover based on your current financial return for your family in case of your untimely death.
Key Features
- 50% of Sum assured is paid in two installments before the maturity.
- Remaining 50% plus accrued bonus is paid on maturity.
- Full Sum assured plus accrued bonus is paid on death at any time during the term of the policy.
- Flexibility to add supplementary benefits or rider based on your choice for a nominal extra premium.
- Can take loan from the policy after two years in case of financial hardship.
Eligibility & Parameters
| Entry Age: | Minimum 18 years to maximum 60 years |
| Exit Age: | At maturity, age of the policyholder can’t exceed 70 years. |
| Minimum Sum Assured: | Tk. 1,00,000 |
| Eligibility: | The policy applicant must have own, valid & regular income. |
| Tenor/Term: | Available in 12, 15, 18 & 21 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:
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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.
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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.
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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.