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non declinature nd scheme

NON DECLINATURE ND SCHEME

NON DECLINATURE ND SCHEME is designed to cater to the financial protection requirements of persons who do not want to fulfill our medical requirements or are unable to fulfill due to their present state of the health.this scheme will be subject to the following terms and conditions.

1-  A policy under ND scheme will not have to meet any underwriting requirements. Although the proposer will be free to decline to answer to any question about his health such answers will be appreciated since will help state life to gather statistics to see how the scheme works.

2- endowment assurance plan table 03 and anticipated endowment assurance plan are available.                 

 no rider can be attached to a policy issued under ND scheme.                                                                   

 3- this scheme is available to the person aged 20 or over but not over 58 years.                                                 

both males & females.ageproof is required at the time of proposal.
4- ND policies will be charged and ND extra.                                                                                                     

     5- The usual occupational extra will be charged if the proposer follows a hazardous occupation or takes part in hazardous sports.                                                                                                                                       

Suppose the occupation or pastime of the proposer is so hazardous that the proposal would ordinarily be declined if underwritten.
Then under the ND Scheme, it will not be declined. But an appropriate extra premium will be charged to cover the extra hazard.                                                                                                                                                   

6- the maximum sum assured available under this scheme is Rs.35 lacs Any existing non-  ND policies will not be counted towards this maximum sum assured.                                                                     

7- only annual premium payment mode is available under this scheme.

8-life cover does not start immediately under a policy issued under ND scheme.                                         

 it will gradually build up to 100% as follows.

A- death in the first policy year; 

                                                                                                             

  payment of sum assured, only if death occurred by accident as defined in the policy. otherwise, no benefit is payable.

B-death in the 2nd policy year;   

                                                                                                                            payment of sum assured, only if death occurred by accident as defined in the policy otherwise return of the 2nd policy year premium only.

C-death in the 3rd and later policy years;                                                                                                       

    payment of full sum assured and bonuses as per policy.

9-under ND policies 31 days grace period will be strictly observed.

State Life insurance policies provide a wide range of benefits in case of death of the persons covered against them. If your loved one covered under any of State Life has expired, you should lodge a death claim with us. All you have to do is to send a written intimation to the zonal office of State Life servicing the policy against which you are lodging a death claim.

Loan:

 state life may grant a loan to the policyholder on his/her written request, against the net surrender value of the policy. the amount of loan shall not exceed 80% of the said net surrender value. the rate of profit or return and the other terms and conditions will be determined by state life at the time of granting the loan.loans of less then RS will not be given.
the amount of loan together with accrued profit or return will be the first charge on the policy, prior to all other claims.

SURRENDER VALUE;
The policy will acquire a surrender value after it has been in force for at least two consecutive years provided no premiums are in default. The surrender value will be quoted by state life on request of the policyholder. the surrender value is guaranteed to be not less than 30% aggregate premiums.

 

Maturity:

It is a matter of great pleasure that your policy has matured. It is a time to fulfill the goals that you had set years back. For collecting maturity benefits, please send a written request alongwith following documents to your servicing State Life zonal office:

AGE NEAREST BIRTHDAY SUM INSURED PERANNUM 03TABLE 05
10 15201821
208.008.008.008.008.00
218.008.008.008.008.00
228.008.008.008.008.00
238.008.008.008.008.00
248.008.008.008.008.00
258.008.008.008.008.00
268.008.008.008.008.00
278.008.008.008.008.00
288.008.008.008.008.00
298.008.008.008.008.00
308.008.008.008.008.00
318.008.008.008.008.10
328.008.008.008.008.55
338,008,008,008.008.84
348.008.008.008.069.31
358.008.008.008.459.77
368.008.008.009.1010.60
378.008.008.0010.0011.68
388.008.008.0011.0512.88
398.008.008.5512.2014.15
408.008.009.5013.5315.60
418.008.0010.5314.9417,15
428.008.8811.7316.5518.83
438.009.8813.0518.2820.65
448,1311.0314.5520.1322.60
459.0812.3316,2322.1824.70
4610.1513.8318.0824.4526.95
4711.3815.5020.1326,8829.38
4812.8017.3822.4029.38------------
4914.4019.45--------32.10--------
5016,2021,80-------35.10------
5118.2524.38--------------------------------------
5220.5027.20-----------------------------------------
5323.0030.25-----------------------------------------
5425.70-------------------------------------------
5528.63------------------------------------------------------
5631.73------------------------------------------------------------------------------
5735.08--------------------------------------------------------
5838.65-------------------------------------------------
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