Endowment Life Assurance
by Rastriya Jeevan Beema Company
In simple terms: you pay a fixed amount each year, and at the end of the term you get your cover amount back together with the bonus the insurer adds along the way. A traditional endowment life insurance plan from Rastriya Jeewan Beema combining life cover with savings/maturity benefits. Participating bonuses may be declared.
Maturity estimator
Estimated value at maturity
—
Declared bonus
Rate by policy term
Declared FY 2081/82
| Policy term | Rate / 1,000 | Prev. year |
|---|---|---|
| 0-9 | Rs 60 | Rs 60 |
| 10-14 | Rs 60 | Rs 60 |
| 15-19 | Rs 60 | Rs 60 |
| 20-24 | Rs 60 | Rs 60 |
| 25-29 | Rs 60 | Rs 60 |
| 30+ | Rs 60 | Rs 60 |
Recent years
- FY 2081/82
- Rs 60/ 1,000
- FY 2080/81
- Rs 60/ 1,000
- FY 2079/80
- Rs 65/ 1,000
- FY 2078/79
- Rs 65/ 1,000
- FY 2077/78
- Rs 65/ 1,000
Source: Rastriya Jeevan Beema Company declaration for FY 2081/82
Bonus rates are declared annually and are not guaranteed. Past rates do not guarantee future rates.
What's included
Key highlights
- Traditional endowment plan
- Life cover + savings
- Potential bonus participation
- Loan-90% of Surrender value
Features
- Life cover plus maturity (savings) benefit
- Participating/traditional plan — bonuses may be declared
- Fixed-term maturity payout
- Option to add common riders
Terms and conditions
- 1) Loan facility up to 90% of the surrender value is available after paying premiums for three years, as long as the policy is active. The loan interest rate will be as per company practice.
- 2)Upon maturity, the insured receives the sum vested bonus as a lump sum.
- 3)If the insured dies while the policy is active, the nominee/legal heir receives the sum assured and accrued bonus as a lump sum.
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
This plan states: Sum Assured + accrued bonus (if any)
If the policy runs to maturity
This plan states: Sum Assured + accrued bonus
If death is caused by an accident
This plan states: Optional rider - sum assured as per rider terms
Optional riders
Accidental Death Benefit (ADB)
Additional accidental death benefit can be obtained by paying an additional premium of Re. 1 per thousand.
Loan & liquidity
- Policy loan
- Available
- Surrender allowed
- After 3 years
- Loan facility
- Up to 90% of surrender value
What's not covered
- Suicide within the initial contestability period
- War and related perils
- Pre-existing conditions during waiting period
- Illegal acts and self-inflicted injuries
Questions about this plan
What kind of plan is Endowment Life Assurance?
Endowment Life Assurance from Rastriya Jeevan Beema Company 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 Endowment Life Assurance?
The entry age for Endowment Life Assurance is 18 – 60 years.
How long does Endowment Life Assurance run?
The policy term for Endowment Life Assurance is 10 – 30 years.
How much cover can I take on Endowment Life Assurance?
The sum assured available on Endowment Life Assurance is Rs 50,000 – Rs 1,00,00,000.
What bonus rate does Endowment Life Assurance earn?
For FY 2081/82, Rastriya Jeevan Beema Company declared Rs 60–60 / 1,000 of sum assured on Endowment Life Assurance. Bonus rates are set each year and are not guaranteed.
What is paid if the insured passes away during the term?
Sum Assured + accrued bonus (if any)
What is paid when Endowment Life Assurance matures?
Sum Assured + accrued bonus
Which riders can be added to Endowment Life Assurance?
Endowment Life Assurance can be taken with the following optional riders: Accidental death (ADB). Each rider carries its own premium.
Premium
Quote on request