Induslnd Nippon Increasing Income Plan

Eligibility Criteria for the Induslnd Nippon Increasing Income Plan

Features of the Induslnd Nippon Increasing Income Plan

Here are the key features of the plan:

• Increasing Income Payouts: The plan provides an increase in the amount of income received after a certain period of time so that you do not fall behind of the rising costs and inflation.
• Life Insurance Coverage: The plan also covers your family by giving them financial security in the event of an unexpected event. Besides this, it comes with income benefits to cover your family.
• Premium Payment choices: The plan is flexible for various income levels, as you can pay your premiums however and whenever it suits you best.
• Guaranteed Benefits: The plan guarantees stable and certain payouts, which would provide stability and peace of mind devoid of market risks.
• Selection of Income Starting Period: Policyholders can choose when they would like to start receiving income, enabling them to align their finances for the future.
• Tax Benefits: The payments made as premiums and benefits taken out will be subject to tax benefits as required by the relevant tax laws.

Benefits of the Induslnd Nippon Increasing Income Plan

The advantages of this plan are as follows:

• Increasing Income Benefit: The scheme offers frequent monthly payments that increase with time that will keep you going during inflation and other escalating costs.
• Maturity Benefit: A lump-sum payout on staying till the expiry of the policy term will be availed to provide a financial cushion to long-term objectives.
• Death Benefit: Should the life assured pass away, the nominee will receive a guaranteed amount, ensuring the family's financial stability.
• Financial Discipline: Promotes the habitual saving and also develops a stable source of income in the future.
• Tax Advantages: Premiums paid and benefits that are received can be subject to income tax benefits under applicable income tax laws.

Riders Under the Induslnd Nippon Increasing Income Plan

The plan can be enhanced with optional riders:

• Accidental Death Benefit Rider
• Accidental Total And Permanent Disability Rider
• Critical Illness Rider
• Waiver Of Premium Rider

These riders provide additional protection against unforeseen risks.

Policy Details of the Induslnd Nippon Increasing Income Plan

1. Grace Period

   There is also a grace period of 30 days (15 days in the case of the monthly mode), during which the policy remains effective even if no premiums are paid.

2. Revival

   In the event of a lapse of the policy due to nonpayment, the policy can be reinstated within a specified period by paying the outstanding premiums plus interest.

3. Free Look Period

   The policyholders have 15 days from issuance to review the policy and cancel it if they are not satisfied with the attached conditions.

4. Surrender

   The policy gains access to the surrender value after a certain period, at which point it can be exited if needed.

5. Loan

   A loan facility can be obtained on the policy when it has a surrender value to assist with urgent financial requirements.

Exclusions Under the Increasing Income Plan

Suicidal Cover

If death occurs due to suicide within 12 months from policy inception, limited benefits are payable as per policy terms.

Total Permanent Disability (TPD)

Specific exclusions apply based on policy terms and any attached rider conditions.