optional maturity endowment table 17 basically it is an endowment assurance with profits contract with a built in option to mature early.the salient features of the plan are
1- term of the plan.the term of the plan will be 40 years or up to age 70 whichever is less .
2-entry age. this plan is open to person aged 20 to 45 years but not over 45 years
3-bonuses. this plan will participate in the surplus of state life longwith other with profit policies .the rate of bonus will be that applicable to the endowment assurance for corresponding term.
4- original term maturity bonus.this plan entitled to an additional bonus if the maturity option has not been exercised.the orignal term maturity bonus is payable at death after 20years or at maturity
5- option for early maturity .after the policy has been inforce for 20 years or more the policy holder can mature the policy for a proportionately reduced sumassured .the proportionately reduced sum assured will bear the same ratio to orignal sumassured ,as the duration of the policy bears to the orignal term.all existing bonuses will be replaced by those applicable form inception to the reduced sum assured and reduced term to option date. after the reduced sum assured and bonuses have been paid as a result of early maturity option option , no further benefits will be pay able under the policy.if instead , the option is exercised after the policy has been in force for 30 years, all existing bonuses will be replaced by those aplicable ,form inception,to the reduced sum assured and reduced term to a option date.after th reduced sumassured and bonuses havebeen paid as result of the option ,no further benefit payable under the policy
optional maturity endowment table 17
6-option for maturity in parts. under this plan it is not necessary that the assured matures the whole policy at one time . depending on the needs,the policy can be can be matured in parts.when a part of the policy is matured the permium on the remaining part will be calculated as if policy had origanally been issued for the sumassured attaching to the remaing part.
7-paidups,provided at least 2 years premiums hav been paid the policy can be converted into a paid up policy for a reduced sumassured.early maturity option will not be available to a paid up policy
8-surrender value. the policy will acquire a surrender value provided at least 2 years premium have been paid. 9-other term & conditions. same as for regular endowment assurance(table 03)
underwriting requirements and also be rate of extra premium under sub standard lives will be the same as for for table 03.extra will be charged on the basic of term applicable at the time of submission of the proposal.
all supplementary Rider attachable to Endowment assurance contract are also available with optional maturity Endowment. however , if the assured exercised option for maturity in part the benefit and the premium under the rider will be reduced proportionately.
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