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Smart Lifelong Plan is a unit linked life insurance plan with the objective of wealth creation along with providing whole life coverage - uptill 99 years of age.
Smart Lifelong Plan
About Smart Lifelong Plan
In this policy the investment risk in investment portfolio will be borne by the policyholder
Our Smart Lifelong Plan is a unit linked life insurance plan with the objective of wealth creation along with providing whole life coverage - uptill 99 years of age. This plan has been designed to help you fulfill various life stage needs/ responsibilities so that throughout life you can grow in the right direction by making the right choice.
Why Buy
Life is all about the choices you make to fulfill your responsibilities. And with every choice you make your biggest concern is whether you have taken the right decision. The plan offers:
1. Emerging Leaders Equity Fund
Generate long term capital appreciation through investments predominantly in mid cap stocks.
2. Long Term Protection
This plan provides life coverage till 99 years of Life Assured's age.
3. Premium Payment Term
You can choose a premium paying term (10 years or more) to suit your earning capacity.
4. Switching and Redirection
You have the option of switching and redirection between the fund options to take advantage of market movements or change in risk preference.
5. Partial Withdrawal
You can withdraw money from your fund in case of financial emergency through Partial Withdrawal from 6th policy year onwards.
6. Increase/Decrease of Sum Assured
You can increase or decrease your sum assured, depending on your changing needs, from the 6th policy year onwards subject to minimum and maximum sum assured limits stipulated under this plan.
7. Auto Funds Rebalancing
You can maintain allocation of your investments in a specific proportion across funds, irrespective of market movements.
Benefits
Death Benefits
In the unfortunate event of your death while your policy is in-force, your nominee will receive higher of:
1. Sum Assured less applicable partial withdrawals
2. Fund value as on date of intimation of death claim
3. 105% all premium paid up to the date of death
Maturity Benefits
On survival till end of policy term, the Fund Value will be paid to you.
Premium Paying Mode
You have the flexibility to choose annual or monthly mode to pay premiums as per your requirement or to suit your income stream. You can also change your premium payment mode anytime during the policy term.
Loyalty Additions
Loyalty Additions will be paid in the form of extra allocation of units to your fund, provided that all due premiums till date have been paid. The Loyalty additions will be paid as follows:
Investment Funds
You can choose to invest in 7 investment funds with equity exposure ranging from 0% to100%, depending on your investment philosophy:
1. Emerging Leaders Equity Fund
2. India Multi-Cap Equity Fund
3. Equity II Fund
4. Growth Plus Fund
5. Balanced Plus Fund
6. Debt Plus Fund
7. Liquid Fund
Tax Benefits#
You can avail tax benefit on the premium paid subject to current applicable provisions of Section 80C of income Tax Act, 1961.
#Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor
In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
How it works
Mr. Singh, age 40, chooses to pay annual premiums as shown below. He gets a Sum Assured of 15 times [(70-40) X 0.5] the annual premium and chooses a Premium Paying Term of 20 years. The table below shows fund values for multiple scenarios at age 99 assuming annual gross investment return of 4%* and 8%* with 100% investment in Balanced Plus Fund.
*The assumed rates of return (4% p.a. or 8% p.a.) shown in the above illustrative examples of different scenarios are not guaranteed and they are not the upper or lower limits of what you might get back as the value of your Policy depends on a number of factors including future investment performance. The Fund Values shown in the above illustrative example are after deduction of all charges (including Goods and Services Tax & Applicable cess (es)/levy, if any @18%)
In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Age Criteria
Policy Term
Up till age 99
In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
Sum Assured
Premium Payment Details
*Please note that it is mandatory to pay first 3 month's premium in advance if you have chosen monthly mode of premium payment.
In this policy, the investment risk in Investment Portfolio is borne by the policyholder.
The Linked Insurance Products do not offer any liquidity during the first five years of the contract. The policyholder will not be able to surrender/withdraw the monies invested in Linked Insurance Products completely or partially till the end of the fifth year.
