RATE BOOKstate life

MORTGAGE PROTECTION TABLE 22 & TABLE 23

MORTGAGE PROTECTION POLICY   table 22&23

mortgage protection policy is a specializes form of group term assurance,

the policy provides for the sum assured reduced by equal amounts over the term of the policy.

loans and mortgage have become essential parts of the life of modern man. the mortgages protection policy essentially provides coverage approximately equal to the outstanding loans at any time, which is being repaid by regular installments.

it provides the debtor with the satisfying knowledge that in case of his premature death.

his creditors will not be pounding on the doors of his heirs but will simply turn to state life insurance corporation for the collection of outstanding debts.

   The following are some of the salient features of this plan

1- On single premium may be paid  at the inception of the policy or annual premiums, may be paid for approximately 2/3rd of the term of the loan. however, death risk as shown in the schedule of sum assured is covered for the full term of the policy.                                                                                            2- premium are payable annually, in advance but may also be paid in half-yearly,quarterly,or monthly  installments provided.installment is not less than RS.150/-.the following example give the benefit under the policy and method of calculating premium.

example:

a man 30 years of age acquires property for which he has take a loan of RS.50,000/-repayable in 12 years.

A-the single premium for the policy will be as foll0ws:

24.05 x 50= RS.1202.50

Add policy =fee 100

total=272.50 i.e 273

he will not have to pay any further premium.

B-he can pay yearly premium amounting to:

3.45 x 50= 172.50/-

add policy fee=100

total= 272.50 i.e 273

annual premium will be payable for only 8 years .he will not have to pay any premium for remaining 4 years.

death benefits:

in case the policy holder dies in the first policy year the sum assured of RS.50,000/- would be payable .the death risk covered under the policy reducess by RS.4,000/- per anum as shown in the schedule of sum assured.

for example.

the sum assured payable in the case of death in the 2nd policy year would be RS.46,000/-in the 3rd year RS.42,000/-and so on in the last year i.e 12th year of the policy the sum assured payable on the death would be RS.6000.the contract would be terminate at the expiry of the term of the policy i.e 12 years.no amount is payable if the policyholder survive the term of the policy as it is a term assurance of policy.

MORTGAGE PROTECTION POLICY VARIOUS TERMS AVAILABLE.

premium rate are available for terms of 5,8,10,15, and 20 years.in case of 5 years term policy, premiums can be paid only by a single premium at the inception of the policy, in case of other terms the policyholder has a choice by single premiums or by annual premiums for a period.                                    approximately equal to 2/3rd of the term of the policy. the sum assured payable on death in each policy year is given for every term of the policy.

MORTGAGE PROTECTION POLICY  POLICY FEE

.for individual insurance a policy fee of rs 2.50 per thousand sum assured subject to a maximum of rs 100 must be added to the premium.                    however, in the case of group insurance, the policy fee should not be added.

AGE NEAREST BIRTHDAYSINGLE PREMIUMAGE NEAREST BITHDAYSINGLE PREMIUM
207.825036.72
217.975140.79
228.135245.35
238.315350.37
248.505455.83
258.695561.71
268.905667.98
279.135774.55
289.375881.42
299.645988.59
309.946096.08
3110.2661103.94
3210.6262112.23
3311.0363121.03
3411.4964130.37
3512.0065140.36
3612.57------------------
3713.20---------------------
3813.91----------------------
3914.73YEAR OF POLICYSCHEDULE OF SUM ASSURED PAYABLE ON DEATH
4015.6711000
4116.752800
4217.963600
4319.344400
4420.945200
4522.77------
4624.84----------
4727.23------------------
4829.98----------------------
4933.13---------------------

AGE NEAREST BIRTHDAY SINGLE PREMIUMANNUAL PREMIUM
PAYABLE FOR 5 YEARS
AGE NEAREST BIRTHDAYSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 5 YEARS
2012.312.665059.3113.03
2112.552.715165.6514.46
2212.792.775272.6116.03
2313.062.835380.1517.75
2413,342.895488.2419.60
2513.642.955596.8521.59
2613.973.0256105.9123.69
2714.333.1057115.3925.91
2814.733.1958125.2728.24
2915.163.2859135.5630.69
3015.633.3960146.3133.27
3116.153.5061157.6136.01
3216.743.6362169.4938.92
3317.403.77-----------------------------
3418.143.93-------------------------------
3518.974.11YEAR OF POLICYSCHEDULE OF SUM ASSURED PAYABLE ON DEATH
3619.894.3111000
3720.944.542875
3822.134.803750
3923.485.104625
4025.025.445500
4126.785.826375
4228.796.267250
4331.086.778125
4433.727.35---------------
4536.728.01-----------------
4640.168.77----------------------
4744.099.64------------------
4848.0910.63
4953.6311.76
AGE NEAREST BIRTHDAYSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 6 YEARSAGE NEAREST BIRTHDAYSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 6 YEARS
2014.732.715075.1214.09
2115.032.765182.9415.60
2215.342.825281.4417.26
2315.672.8853100.5719.05
2416.022.9554110.3020.98
2516.403.0255120.5823.03
2616.823.0956131.3825,21
2717.273.1857142.6427.50
2817.783.2758154.3729.91
2918.333.3759166.5832.45
3018.943.4960179.3435.13
3119.613.61--------------------------------------
3220.373.75-----------------
3321.223.91---------------------
3422.174.09YEAR OF POLICYSCHEDULE OF SUM ASSURED PAYABLE ON DEATH
3523.254.2911000
3624.454.512900
3725,824.763800
3827.385.054700
3929.145.385600
4031.155.766500
4133.456.197400
4236.086.688300
4339.087.249200
4442.527.8910100
4546.438.62---------------------------------
4650.899.46------------------------------------------
4755.9410.42-------------------------------------------
4861.6411.51---------------------------------
4968.0312.73-----------------------------------
AGE NEAREST BIRTH DAYSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 8 YEARSAGE NEARESTSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 8 YEARS
2018.662.685096.4514.25
2119.032.7351105.9715.72
2219.422.7852116.2317.33
2319.842.8453127.1719.06
2420.192.9154138.7620.91
2520.782.9855150.9522.88
2621.313.0556163.7024.98
2721.893.1457176.9727.19
2822.553.2358190.7829.52
2923.263.34----------------------------
3924.053.45---------------------------
3124.933.58-----------------------------
3225.923.72-------------------
3327.043.88---------------------------
3428.304.06--------------------------------------
3529.724.27YEARS OF POLICYSCHEDULE OF SUM ASSURED PAYABLE ON DEATH
3631.304.5011000
3733.114.772920
3835.165.073840
3937.505.414760
4040.175.805680
4143.226.256600
4246.716.767520
4350.667.358440
4455.188.019360
4560.298.7710280
4666.059.6311200
4772.5210.6012120
4879.7211.69--------------------------------
4987.7012.90--------------------------------
AGE NEAREST BIRTH DAYSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 10 YEARSAGE NEAREST BIRTHDAYSINGLE PREMIUMANNUAL PREMIUM FOR 10 YEARS20
2022.682.7150122.6015.23
2123.152.7651134.0216.76
2223.642.8152146.0218.38
2324.182.8853159.1120.14
2424.762.9554172.7022.02
2525.393.0355186.9324.02
2626.093.11------------------------
2726.843.20---------------------------------
2827.703.30------------------------------------
2928.653.41YEAR OF POLICYSCHEDULE OF SUM ASSURED PAYABLE ON DEATH
3029.693.5411000
3130.863.692935
3232.193.853870
3333.674.034805
3435.364.235740
3537.264.466675
3639.414.737610
3741.855.018545
3844.625.359480
3947.775.7410415
4051.386.1911350
4155.486.6912285
4260.127.2613220
4365.357.9114155
4471.258.641590
4577.859.48---------------------
4685.1810.40--------------------
4793.3111,43--------------------------
48102.2612.58---------------------------------------
49112.0513.84----------------------------------------------
AGE NEAREST BIRTHDAYSINGLE PREMIUMANNUAL PREMIUM PAYABLE FOR 12 YEARSYEAR OF POLICYSCHEDULE OF SUM ASSURED PAYABLE ON DEATH
2027.602.8411000
2128.252.912950
2228.952.983900
2329.713.064850
2430.543.155800
2531.453.246750
2632.473.357700
2733.603.468650
2834.873.609600
2936.273.7510550
3037.843.9111500
3139.624.1912450
3241.624.3013400
3343.884.5414350
3446.444.8115300
3549.335.1116250
3652.625.4617200
3756.325.8518150
3860.516.3019100
3965.236.802050
4070.547.38-------------------------------
4176.488.01-----------------------------------
4283.108.73-----------------------------------
4390.439.51-----------------------------------
4498.5310.40-------------------------------------
45107.4411.39----------------------------------
46117.1712.48----------------------
47127.7513.66----------------------------
48139.2214.96---------------------
49151.2616.39------------------------
50164.7617.94-----------------------

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