Dhukkako Samuhik Sawadhik Jeevan Beema Yojana
by Prabhu Mahalaxmi Life Insurance
A group term life insurance plan offered by Prabhu Mahalaxmi Insurance Limited, designed to provide death and life-risk protection for members of an organisation or group.
What's included
Key highlights
- Group plan
- Low premium
- Death protection/ Maturity benefit
Features
- Group enrollment and convenient coverage
- Death benefit (sum assured)
- Competitive premiums with possible group discounts
- Simple and expedited claim processing
- Policy Loan / Surrender Value / Redemption Value as per Company Rules
Terms and conditions
- 1)Death Benefit: Full sum assured plus Vested Bonus.
- 2)Maturity Benefit: Full sum assured plus Vested Bonus
- 3)Paid-Up Value: The policy will gain paid-up value after completion of two full policy years and payment of at least two-yearly premiums.
- 4)Surrender Value: The policy will gain surrender value after payment of three yearly premium and completion of three years of the policy term. Surrender value is calculated as per NIA guidelines.
- 5)Loan provision: Loan of up to 90% of surrender value can be availed.
- 6)Option to increase Sum Assured: Upon payment of additional premium, Sum Assured can be increased on the existing policy after completion of 4 full years and payment of 4 yearly premiums.
- 7)Continuity of Policy after cessation of Employment: Employees who cease employment can continue the policy, the policy will be converted into an individual policy and premium rates will remain the same.
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
The nominee receives the sum assured, and the policy ends.
Typical for endowment plans — confirm the exact terms in the brochure.
If the policy runs to maturity
You receive the sum assured as a lump sum on the maturity date.
Typical for endowment plans — confirm the exact terms in the brochure.
If death is caused by an accident
With the accidental death rider, an additional amount is paid on top of the sum assured. The rider is optional and carries its own premium.
Typical for endowment plans — confirm the exact terms in the brochure.
Optional riders
Accidental Death Benefit
Provides an additional benefit in case of accidental death.
Permanent Total Disability
Provides benefit in case of permanent total disability.
Premium Waiver Benefit
Provides premium-waiver protection when the applicable covered event occurs.
Loan & liquidity
- Policy loan
- Available
- Loan facility
- Up to 90% of surrender value
Questions about this plan
What kind of plan is Dhukkako Samuhik Sawadhik Jeevan Beema Yojana?
Dhukkako Samuhik Sawadhik Jeevan Beema Yojana from Prabhu Mahalaxmi Life Insurance is an endowment plan that pairs savings with life cover for a single adult, and suits people who want a guaranteed amount on a fixed future date.
Who can buy Dhukkako Samuhik Sawadhik Jeevan Beema Yojana?
The entry age for Dhukkako Samuhik Sawadhik Jeevan Beema Yojana is 18 – 65 years.
How long does Dhukkako Samuhik Sawadhik Jeevan Beema Yojana run?
The policy term for Dhukkako Samuhik Sawadhik Jeevan Beema Yojana is 5-25 Years.
How much cover can I take on Dhukkako Samuhik Sawadhik Jeevan Beema Yojana?
The sum assured available on Dhukkako Samuhik Sawadhik Jeevan Beema Yojana is From Rs 1,00,000.
Which riders can be added to Dhukkako Samuhik Sawadhik Jeevan Beema Yojana?
Dhukkako Samuhik Sawadhik Jeevan Beema Yojana can be taken with the following optional riders: Accidental death (ADB), PTD / PWB. Each rider carries its own premium.
Premium
Quote on request