BIG DEAL table 14
BIG DEAL table 14 this plan is caters to the financial protection requirement of a present-day average family .the plan is marketed for a minimum of a quarter unit or a multiple thereof. one unit suggests that the protection of RS one animal product total assured.there is no limit on the quantity of units that may be offered looking on the necessity and money status of the prospect. this set up has varied premium paying term, ranging from 10 to 25 years or ceasing at age 35 to 55 years to suit the needs of the insuring public. the minimum age at entry is twenty years and therefore the most age at entry is forty five years. the cover, however, lasts up to the age of 60 years
FOR EACH UNIT of big DEAL the subsequent advantages are available
on death during the premium paying periods RS 55000 in lump sum and RS 45000 in monthly of RS 250 for 15 years plus only accrued bonuses on RS 25000 on survival to the end of premium paying periods RS 25000 plus bonuses thereon.there is a valuable option available to leave the survival benefits or part thereof with state life accumulate up to age 60.for accumulated benefits refer to the table. om death after the end of premium paying periods and before age 60,Rs 55000 in lump sum and RS 45000 in monthly installments RS 250 for 15 years accumulated survival benefit, if left with state life.in the event of death by covered accident before age 60 a further sum of Rs 25000 per unit is also payable .
SERVICE CHARGE AND POLICY REBATE.
,a flat annual service charge of Rs 8.50 per policy for less then one unit. a large policy rebate of RS12.50 per unit for 2 or more units but less then four units or RS 37.50 per unit for or more units.
ROUNDING OFF TO NEAREST RUPEE,
the basic premium rate are given in paisas per unit of the big deal . the method of arriving at a premium will be to multiply the rate with the unit required and the figure finally arrived at is to be rounded of to the nearest rupee (50paisas or over as a next higher rupee)
mode other than annual.
Half yearly 0.52
Monthly by bank order 0.009
Monthly by salary deduction Add 5% to the yearly premium and divided by 12 and round off.
premium calculation for half unit:
suppose the man is age 30 he want to pay the premium for 15 years he takes half unit. the premium will be as under :
Basic rate of one unit RS.2709.99
Rate for half unit RS.1354.99
Add annual service charge (see 1(a)) RS.8.50
Round off yearly premium for half unit RS.13.63.00
calculation yearly premium for four unit:
suppose a man age 35, the premium paying term is 10 years and he wishes to purchase four unit, the premium will be as under:
basic premium per unit RS.4081.75
Less large policy rebate per unit (see 1 (b)) RS.37.50
Net basic premium per unit. RS.4.044.25
Total yearly premium for four unit RS.16,177.00
calculation premium by monthly banker,s order:
suppose a man in example B wishes to pay the premium bu monthly banker ,s order .to arrive at the monthly premium , multiple the annual premium by 0.09.
for underwriting purpose each unit will be take as RS. one lac of life cover.