SHEHNAI POLICY. table 77

SHEHNAI POLICY.  table 77 is an innovative life insurance.it provides a solution to the problems of many concerned parents who want to save now in order to provide for their children’s higher education, marriage, and other expenses when the need arises. the term of the plan is such that the lump sum benefits become payable as the child attains of the age of 25 years.

 SHEHNAI POLICY.

also assists in tackling the ravages of the inflation.this is done by the automatic increase of 6%p.a . in sum assured and premium form third policy years onward. however,the policyholder has the right to refuse the increase in pay the same premium as last year.

if the policyholder refuses the increase 3 times during the policy term then the evidence of insurability will be required for further increases.

a policy statement will also be issued 2 months ahead of due date form the 4th year onwards showing the buildup of the cash value of the policy and sum assured for the year.

the salient features of the plan are.

SHEHNAI POLICY.  maturity benefit; the policy matures when the child attains the age of 25years.at maturity, the cash value of the policy is paid to the child. the cash value includes all the bonuses that have been credited to the policy.

benefits to the child upon assured s; death;

if the assured dies during the term of the policy, then;

premium payments stop and the sum insured applicable to the policy year of the death is deferred to be payable when the child attains age 25 at the time of death of the assured,

the said sum assured is added to the adjusted opening cash to participate in state life’s surplus until it is paid out . the enhanced cash value with bonuses will be paid to the child when he/she attain age 25 years.

                                                                                                                     option to the policyholder upon the child death;

the policyholder has 3 option

1- switch the plan for the life of another child and continue the policy.

2-receive the adjusted opening cash value at the beginning of the year of death of the child and terminate the contract.

3- continue the policy without naming another child. other terms and conditions will remain unchanged.

the behtar option.

the child will have behtar option. under this option, the child may collect the lump sum benefits in 5 equal annual installments. the sum of this 5 installment will be greater than the lump sum.

Loan:

state life may grant a loan to the policyholder on his/her written request, against the net surrender value of the policy. the amount of loan shall not exceed 80% of the said net surrender value. the rate of profit or return and the other terms and conditions will be determined by state life at the time of granting the loan.loans of less then RS will not be given.
the amount of loan together with accrued profit or return will be the first charge on the policy, prior to all other claims.

SURRENDER VALUE;
The policy will acquire a surrender value after it has been in force for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by state life on request of the policyholder. the surrender value is guaranteed to be not less than 30% aggregate premiums.

Maturity:

It is a matter of great pleasure that your policy has matured. It is a time to fulfill the goals that you had set years back. For collecting maturity benefits, please send a written request alongwith following documents to your servicing State Life zonal office: