The amount of premium is less if you choose
an annual mode of premium payment.
His premium comes out to be Rs. 50,000 (without taxes, levies and loading extra) with
the annual mode of premium payment.
Grace Period: If the insured fails to pay his insurance premium by the due date, then a grace period of 15 days is allowed for monthly premium payment mode and a grace period of 30 days is allowed for
annual mode of premium payment.
Not exact matches
Additionally, the policy owner has the right to change the
mode of premium payment, i.e.
annual, semi-
annual, quarterly or monthly bank draft as well as the payout method, i.s. lump sum, lifetime annuity or period certain annuity.
Generally the single
premium amount is lower than the total
of the
annual premiums, which in turn is lower than the total
of the
premiums paid through the other
modes of payment.
Discounts are given in
premium for choosing
annual mode of payment and for higher levels
of Sum Assured.
Rebates are allowed in the
premium rates for higher levels
of Sum Assured options and also for choosing
annual and semi-
annual mode of premium payment.
Discount is allowed in
premium for choosing
annual or semi-
annual mode of premium payment @ 3 % and 1.5 % respectively.
LIC does not offer any variant
of the e-Term plan, there are no riders offered and the
premium payment mode available is
annual.
The monthly
premium is expressed as 8.9 %
of the
annual premium and if the policyholder chooses the monthly
mode of premium payment, 3 months»
premiums have to be paid in advance.
Grace period is essentially an extension
of your regular
premium payment mode (monthly, quarterly, biannual or
annual).
To ensure consistent coverage it is better to switch to a more manageable
mode of payment (monthly or quarterly) in case the policy holder is unable to pay
annual premium due to financial constraints.
The
mode of payment of premium is
annual only and through online
mode.
Grace Period: If the insured fails to pay his
premium within the
premium due date then he is allowed a grace period
of 15 days for monthly
premium payment mode and 30 days grace period in case
of annual premium payment mode, failure to which the policy shall lapse.
The
annual premium excludes any loading included by the company due to the
mode of premium payment or any service tax charged on the
premium.
This plan also offers
premium rebate for choosing sum assured
of Rs 2 Lacs & above and on opting
annual / semi
annual premium payment mode.
He chooses to buy MetLife Mera Wealth Plan - premier
mode with the policy term
of 20 years,
premium payment term
of 10 years,
annual premium of Rs 5 Lacs.
You can get the
premium rebate on choosing
annual / semi
annual payment mode or opting for sum assured
of Rs 2 Lacs & above.
(@ 4 %): Rajiv gives = Rs. 6.34 Lacs; Rita gets = Rs. 28.4 Lacs -LCB- Rs. 10.8 Lacs (Guaranteed Money - back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 8 Lacs (Non Guaranteed Bonuses)-RCB-(@ 8 %): Rajiv gives = Rs. 6.34 Lacs; Rita gets = Rs. 80.3 Lacs -LCB- Rs. 10.8 Lacs (Guaranteed Money - back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 59.9 Lacs (Non Guaranteed Bonuses)-RCB-(Note: The non-guaranteed assumed rates
of return chosen in the above example are 4 % and 8 % and the
mode of premium payment is
Annual).
(@ 4 %) Rajiv gives = Rs. 12.7 Lacs; Rajiv gets = Rs. 28.4 Lacs -LCB- Rs. 10.8 Lacs (Guaranteed Money - back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 8 Lacs (Non Guaranteed Bonuses)-RCB-(@ 8 %) Rajiv gives = Rs. 12.7 Lacs; Rajiv gets = Rs. 80.3 Lacs -LCB- Rs. 10.8 Lacs (Guaranteed Money - back) + Rs. 9.6 Lacs (Guaranteed Maturity Sum Assured) + Rs. 59.9 Lacs (Non Guaranteed Bonuses)-RCB- * The non-guaranteed assumed rates
of return chosen in the above example are 4 % and 8 % and the
mode of premium payment is
Annual.