What Is “Privileged Legacy” Insurance Product?
Privileged Legacy insurance is a universal type fund-based comprehensive life insurance plan designed for individuals seeking short-term payment and long-term benefits.
Specific Features of the Privileged Legacy Policy
● Exclusively for individuals who wish to have shorter premium payment term
● Compulsory level term benefit
● Regular Premiums and Single premium options
● Dividend and loyalty dividend
● Possibility to continue with optional Riders after the premium paying term
● Facility to convert maturity to a monthly income
● Partial withdrawal is allowed after 5 years
● Top up Premiums- Up to four extra premiums per year (known as "Top-up premiums”) after completion of 1st Year.
(Minimum Top-up amount is Rs. 10,000/=. No maximum limit)
Summary of the Basic Insurance Cover under the Privileged Legacy Product
Main Risks Covered
Death Benefit | Regular Premium Option
If Waiver of Premium Benefit on Death (for basic benefit) is taken,
Future basic premiums will be paid by the Company, keeping the policy active so the accumulated fund value is paid at maturity. Single Premium Option Either 110% of the single premium (death benefit sum assured) or the balance of the Fund Account at the date of death, whichever is higher. |
Maturity Benefit | Maturity benefit will be the accumulated Fund value at maturity. Maturity benefit will be payable as per the selected settlement option. ?Lumpsum Option ?Monthly Income Option |
Limitations
Minimum and Maximum Age at Entry
Category | Age Range |
|---|---|
Life Assured / Spouse | 18 years – 70 years |
Child (Hospitalization benefit) | 6 months – 18 years |
Child (Medical Reimbursement benefit) | 3 months – 22 years |
Maximum Expiry Age
• Basic cover, Additional life benefit and Waiver of premium benefit – Death (if taken) – 80 years
• Rider covers – 70 years
Premium Mode
• Regular Premium
Monthly | Quarterly |
Half Yearly | Yearly |
• Single premium
Minimum Basic Annual Premium
• Regular Premium - Rs. 72,000/= (Excluding Compulsory Level Term Benefit premium)
• Single Premium - Rs. 500,000/=
Life Benefit Amount-
Compulsory Level Term Benefit- (Regular Premium Option)
• 2 times of basic annual premium is compulsory. (
Compulsory Level Term Benefit Premium – (Regular Premium Option)
Compulsory Level Term Benefit Premium – (Regular Premium Option)
• Separately calculated based on the compulsory Level Term Benefit amount as per the applicable premium rate.
Minimum and Maximum Policy Term
Premium Mode | Minimum Policy Term | Maximum Policy Term | ||||||||||
Regular Premium/Limited Premium Payment |
| 40 years | ||||||||||
Single Premium | 5 years | 20 years |
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