Subhabisya Beema
Choose from five options that will let you retire comfortably and receive regular monthly income every year.
Determine the age you want Subhabishya Beema Aajeewan Aaya to start providing you with the Monthly Income to meet your financial needs during your retirement. Accordingly, you may select the Premium Pay Term of 10 or 15 or 20 or 25 or 30 years and the required premium affordable to you for the selected term.
In case of unfortunate event of death of insured, Face Amount plus accrued bonuses will be paid to beneficiary.
In case of completion of policy, the Maturity benefits can be received as one of following options:
- Life Time Monthly Income
- Twenty years Guaranteed Monthly Income
- Leave the Principal Amount with the company to earn Annual Cash Coupons
- Receive 50% of the Principal Amount and leave 50% to earn Annual Cash Coupon
- Receive the Principal Amount in Lump Sum
Overview
Not only can you receive Monthly Income each month every year from the retirement age (up to age 100 or minimum 20 years guaranteed), remaining monthly payments will be paid out to loved ones in case of insured’s loss of life before 20 years. You pay premium for limited period and, at the end of the period, get five options to choose the one most beneficial to you.
Eligibility: Minimum age 18 to maximum 55 Years
Face amount: Minimum Rs. 50,000, maximum Rs. 50,000,000
Term: 10, 15, 20, 25 or 30 years
Mode of payment: Annual, Semi-Annual or Quarterly
Option 1 – Life Time Monthly Income
You will start receiving Life Time Monthly Income after completion of premium-paying phase during your retirement. The Monthly Income will be guaranteed for 20 years and thereafter continue as a Life Time Income up to age 100. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium-paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.
Option 2 – Twenty years Guaranteed Monthly Income
You will receive monthly income guaranteed for twenty years alone. It does not continue for whole life and Monthly Income will be paid for twenty years only. The amount of the Monthly Income will be determined at the time of implementing the option at the end of premium-paying phase using annuity factor determined by the Company on the basis of prevailing interest and mortality rates at that time.
Option 3 – Leave the Principal Amount with the company to earn Annual Cash Coupons
You can leave the Principal Amount (Face Amount plus Accrued Bonuses less any indebtedness to the policy) with the company to earn income in the form of annual cash coupons. The rate of coupons will be offered by the company at the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium-paying phase and continue until insured attains age 100, or until death, whichever is earlier.
You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.
You will also have the option to surrender the Policy at any time after the premium-paying phase and get the Principal Amount plus any Coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.
Option 4 – Receive 50% of Principal Amount and leave 50% to earn Annual Cash Coupons
You will receive 50% of Principal Amount in lump sum at the end of premium-paying phase and will receive income in the form of annual cash coupons on remaining 50% of Principal Amount. The rate of coupons will be offered by the company at the beginning of each policy year depending on investment income. Payment of annual cash coupons will commence with effect from the policy anniversary immediately following the completion of the premium-paying phase and continue until insured attains age 100, or until death, whichever is earlier.
You will have the option to leave the coupons with the Company to accumulate at interest. The rate of interest will be determined each year depending on investment income. On survival to age 100, you will receive the Principal Amount plus the accumulated value of the coupons. The annual coupon is not guaranteed.
You will also have the option to surrender the Policy at any time after the premium-paying phase and get the Principal Amount plus any coupon left with the Company to accumulate. The Annual Cash Coupon will stop upon payment of the Principal Amount.
Option 5 – Receive the Principal Amount in Lump Sum
You will receive the Principal Amount, less any indebtedness, in lump sum at the end of the premium-paying phase. Such payment will terminate the Policy contract and the Company shall be free from all its obligations under the Policy.
For the coverage of additional benefits following riders can be added: ADB, WP, PA and LTI Life Time Monthly Income Rider (LTI): In case of Accidental Death or Permanent Disability due to accident it provides Life Time Monthly Income with a minimum guarantee of 20 years. It can be taken by insured of age 18 -59 years with the coverage of Life Time Monthly Income of minimum Rs 1500 or 1 % of Face Amount.
Illustration of Subhabishya Beema Aajeewan Aaya Policy:
How much will I get as Monthly Income under Option 1?
This option enables you to receive the Monthly Income calculated as follows:
- Monthly Income = Principal amount / Annuity factor* × 12
For example:
Suppose a policy matures with the insured aged 65 years with a total maturity benefit (principal amount) of Rs. 1,500,000/- .
The Monthly Income payable under this option amounts to the following:
- Assuming interest rate of 5%: Rs. 9,113 per month
- Assuming interest rate of 6%: Rs. 9,944 per month
How much will I get as Monthly Income under Option 2?
This option enables you to receive monthly income calculated as follows:
- Monthly Income = Principal amount / Annuity factor* × 12
For example:
Suppose a policy matures with the insured aged 65 years with a total maturity benefit (principal amount) of Rs. 1,500,000.
The Monthly Income payable under this option amounts to the following:
- Assuming interest rate of 5%: Rs. 9,553 per month
- Assuming interest rate of 6%: Rs. 10,281 per month
* The annuity factor depends on the interest rate and mortality assumption, so the actual annuity factors at the time of policy maturity may be higher or lower depending upon the interest and mortality rates scenario prevalent at that time.
First policy issue date: 16/08/2010