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Life Insurance

CONVERTIBLE WHOLE LIFE
(WITHOUT PROFIT)

'CONVERTIBLE WHOLE LIFE' is essentially a flexible contract. It is most suitable for young man, whose income at present is low but likely to increase after some times. Before the expiry of 5 years, the Life Assured has to exercise the option to convert this policy in to Endowment (With or Without Profit) choosing the term according to his need at a suitable increased premium, without undergoing the medical examination. If option of conversion is not exercised, then Premium Paying Term shall cease at age 70 years but assurance shall continue to be as whole life limited payment policy without profit.

Salient Features

Initially the policy is a Limited Whole Life Payment Plan, i.e., sum assured is payable only on the death of the life assured.
At the end of five years from the commencement of policy, the policy holder has an option to convert it into an Endowment Assurance for a suitable period at an enhanced premium.
Once converted, Sum assured is payable either on survival to the term or on death happening within the term.

Benefits

On Death:
- If not Converted: Sum Assured is payable to nominees/beneficiaries on death of life assured only.
- If Converted: Sum Assured + Bonus (If it is a with profit plan).
On Survival:
- If Converted: Sum Assured + Bonus (If it is a with profit plan).

Restrictions

Minimum sum assured : Rs.50,000/-
Minimum premium must be Rs.800/- p.a.
Minimum age at entry : 12 years
(There will be a definite conversion clause if age is 12 or 13)
Maximum age at entry : 45 years
All modes of premium are acceptable.
The maximum premium paying term is upto 70 years of age. If the policy term is more than25 years the premium paying term is restricted to 25 years only.