"Partial withdrawal" refers to taking out a portion or part of something, rather than removing the whole amount.
Full definition
Charges for Fixed Savings and Term Plan include premium allocation, policy administration, switching,
partial withdrawal etc..
Certain
partial withdrawals made within the first 15 years after the policy is issued may be fully or partially taxable.
The provision of
partial withdrawals allows withdrawal of partial sums of money from the best investment plan for child to meet unforeseen expenses.
High liquidity is available
as partial withdrawals are allowed, after the completion of initial five years of policy term.
Right from submitting
partial withdrawal requests, to making fund allocations, switching funds, to tracking fund performance — everything can be done online.
The maximum amount of
partial withdrawal at one time is 10 % of the single premium (including top - up premiums) paid.
Being a unit linked plan, the policyholder can enjoy a host of flexible features
like partial withdrawals, switching, top - up facility, settlement option, etc..
The
total partial withdrawals in a policy year can not exceed 20 % of the fund value available at the beginning of that policy year.
Additional flexibility to withdraw funds as per need
via partial withdrawals ensures that the parent can access his funds as per child's educational requirement.
Also, the regulator
banned partial withdrawal during the tenure of the policy to encourage long - term savings and accumulation.
For example, some plans may allow
partial withdrawals while others may require that you either leave all the funds in the plan or perform a full rollover or cash payout.
You can
treat partial withdrawals as if you were making full withdrawals and adding what you left in as a contribution to your initial balance.
Similarly, when you choose unit linked child insurance plans, you can make
partial withdrawals whenever you are in need of money in the future.
The policy offers liquidity under which the insured can make
partial withdrawal throughout the tenure of the tenure of the policy onwards 6th policy year.
There is a
convenient partial withdrawal functionality also which allows 15 % of the fund value to be withdrawn every after, after completion of 6 years.