SCHEDULE OF POLICY CHARGES

 

 

 

A) Partial Withdrawal Charges

 

No partial withdrawal charges

 

 

B) Full Surrender Charges

 

Policy can be surrendered any time during the term. However when the request is received in first three policy years, the surrender value will be frozen as on date of surrender and shall be payable at the end of three policy years. These will be subject to the surrender charges applicable at the time of surrender.

 

The following table shows surrender charge as percentage of Regular Premium Fund Value

 

Policy year

Surrender Charge as a % of Regular Premium Fund Value

1

100%

2

75%

3

50%

4

25%

5

10%

6+

0%

 

There are no surrender charges applicable on the Top-up premium Fund Value.

 

 

C) First year Charge

 

First year premium would be fully used to fund the guaranteed addition payable on Death / maturity.

 

 

D) Premium Allocation Charges

 

The Regular Premiums will be payable for the entire policy term as desired by you. The net Regular Premiums after deduction of charges are invested in Funds as per your choice. The charge deducted from the Regular Premium received as a percentage of the Regular Premium varies with the premium year and the premium band as shown in table below.

 

 

Policy year/Premium

First Year Premium < 5 lacs

First Year Premium >= 5 lacs

1

100.0%

100.0%

2

4.0%

0.0%

3

4.0%

0.0%

4+

0.0%

0.0%

 

Top-up Premium Allocation Charge: 1.5% of single top up premium

 

 

 

D) Mortality Charge – for death benefit (other than accidental death benefit)

 

Mortality/COI charges will be deducted monthly in advance from fund and will be based on 100% of Indian Assured Lives Mortality (1994-96) (Modified) Ultimate.

 

Age

IALM Mortality Rate

Age

IALM Mortality Rate

Age

IALM Mortality Rate

Age

IALM Mortality Rate

0

1.295

21

1.048

42

2.510

63

18.564

1

0.815

22

1.077

43

2.717

64

20.566

2

0.645

23

1.102

44

2.971

65

22.170

3

0.545

24

1.123

45

3.274

66

24.171

4

0.445

25

1.140

46

3.627

67

27.220

5

0.400

26

1.153

47

4.030

68

30.598

6

0.390

27

1.163

48

4.481

69

34.333

7

0.400

28

1.168

49

4.982

70

38.459

8

0.400

29

1.170

50

5.532

 

 

9

0.390

30

1.171

51

6.131

 

 

10

0.415

31

1.186

52

6.780

 

 

11

0.490

32

1.224

53

7.478

 

 

12

0.590

33

1.277

54

8.225

 

 

13

0.682

34

1.348

55

9.022

 

 

14

0.742

35

1.435

56

9.864

 

 

15

0.797

36

1.538

57

10.660

 

 

16

0.848

37

1.657

58

11.488

 

 

17

0.896

38

1.793

59

12.512

 

 

18

0.940

39

1.959

60

13.732

 

 

19

0.980

40

2.150

61

15.148

 

 

20

1.016

41

2.333

62

16.758

 

 

 

 

 

E) Administration Charges

 

Admin Fees (p.m.)\Premium Band

Less than 35000

35000 & more

From year 2 onwards*

65.00

80.00

Additional Charge  for year 2 and 3

80.00

80.00

 

*This policy administration charge may be increased by up to a maximum of 5% p.a.

 

 

G) Fund Switching Charges

 

There are 12 free switches per policy year (including Top up Premium switches). Thereafter a Service charge of Rs.100/- per switch will be applicable.

 

The fund switching Charge may be revised as deemed appropriate by the Company subject to prior clearance from the IRDA but shall not exceed a maximum of Rs 250/-.

 

If SMART Option is opted, then Fund switching under Regular Premium funds (others than SMART funds) & Top up Premium account will be chargeable.

 

 

I) Single Top-Up Premium Allocation Charges

 

1.5% of Premium will be deducted from single top-Up received.

 

 

J) Fund Management Charge

 

Whole Life Aggressive Growth Fund

1.10%

Whole Life Stable Growth Fund

1.00%

Whole Life Short Term Fixed Income Fund

0.65%

Whole Life Income Fund

0.80%

Whole Life Mid-cap Equity Fund

1.20%

Large Cap Equity Fund

1.20%

Super Select Equity Fund

1.20%

 

All Fund Management Charges are subject to revision by the company with prior approval of IRDA but shall not exceed 1.35% per annum of the Fund value.

 

 

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