The Shri Vikash is a limited pay unit linked plan. This plan allows large savings to meet the different needs of individual life.
The details of Shri Vikash are as follows:
- The minimum and maximum age for the entry of the policy is 20 and 60 years as on the last birthday.
- The minimum annualized premium for the policy is Rs 25000/-.
- The premium paying period allowed in this policy is 3 years.
- The duration of the plan is 5 to 15 years.
- The minimum sum assured of the policy is 0.5*t*Annualized Premium or 1, 25,000/- (i.e., 5*Annualized Premium), whichever is higher, where t is the policy term.
- The maximum sum assured of the policy is subject to underwriting considerations.
- As death benefit the sum assured or the value of the unit whichever is higher in the life assured’s account is to be paid to the nominee.
- On the survival of the policy till the end of the term the value of the unit to the credit is to be paid.
- The available premium paying frequencies are yearly, half yearly or quarterly.
- The tax benefit under this policy comes under Section 10(10 D) of the Income Tax Act, 1961.
- The available investment funds of the policy are protector and wealth creator.
- The customer gets the options to make a choice of a fixed percentage of above funds.
- The first partial withdrawal is allowed only after the third policy anniversary.
- Facility to pay additional premiums to increase the number of units to the credit is available in this policy.
- No loan is available under Shri Vikash.
- A grace period of 1 month less but not than 30 days is available for the payment of the premiums.
- The premiums can be paid by top ups.
- The customer also has the facility to switch between different funds.