Induslnd Nippon Life Nishchit Samrudhi Plan

Eligibility Criteria for the Induslnd Nippon Life Samrudhi Plan

Features of the Induslnd Nippon Life Samrudhi Plan

Here are the key features of the plan:

• Guaranteed Maturity Benefit: The plan comes with guaranteed returns at the end of the policy period, making it a sure way to the future and enabling you to make long term objectives.
• Life Insurance Protection: The plan also includes life cover in addition to savings over the policy period, in case of an unfortunate event, thereby meeting the financial needs of your family.
• Variable Premium Payments: Depending on the financial convenient, policyholders will have the option of paying premiums over a short period or within the entire life of the policy.
• Customisable Policy Term: The policy tenure can be chosen depending on your financial objectives, which may include creating wealth, educating the child, or taking retirement.
• Tax Benefits: The premiums paid are deductible under Section 80C (up to 1.5 lakh per year) and reduce your taxable income. Maturity and death benefits would be tax-free under Section 10(10D), provided certain conditions are met.

Benefits of the Induslnd Nippon Life Samrudhi Plan

Below are the benefits of this plan:

• Maturity Benefit: This scheme provides a fixed cash payment upon policy termination, offering financial security. That is a fixed amount which starts at the beginning, and it enables you to make several significant plans in life like retirement, education of kids, or creation of assets, without worrying about the market changes.
• Death Benefit: When the life assured, who was guaranteed during the policy term, unfortunately dies, the nominee is paid a lump sum. This is so that when you are away, the financial needs of your family, like daily expenditure, debts, or aspirations, are met.
• Guaranteed Additions: The plan can have guaranteed additions that are accumulated during the policy term. These extensions increase the total maturity value and contribute to higher savings returns than basic savings plans.
• Income Stability: The plan promotes sound financial planning by encouraging people to make regular premiums. It helps people develop a systematic savings habit and maintain funds when needed for long-term financial goals.
• Tax Advantages: The balance paid out in the form of premiums and benefits on the plan would be subject to some tax benefits according to the existing regulations of income tax. This not only saves your taxable income but also enhances the efficiency of your financial planning.

Riders Under the Induslnd Nippon Life Samrudhi Plan

You can enhance your coverage with optional riders:

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

These riders provide additional financial protection against unexpected life events.

Policy Details of the Induslnd Nippon Life Samrudhi Plan

1. Grace Period

   Premium payments are allowed a grace period of 30 days (15 days in the monthly mode). This policy is still in operation.

2. Revival

   A lapsed policy is renewable within a stated time by paying overdue premiums, including interest.

3. Free Look Period

   Policyholders have a period of 15 days to review the policy and cancel it if they are dissatisfied, under the conditions.

4. Surrender

   The surrender value of the policy is obtained after a set period, and the policy owner can exit the policy before the set period elapses.

5. Loan

   Once it has gained surrender value, policyholders can take a loan against the policy.

Exclusions Under the Induslnd Nippon Life Samrudhi Plan

Suicidal Cover

If the insured dies due to suicide within the first 12 months, limited benefits are payable as per policy terms.

Total Permanent Disability (TPD)

Specific exclusions apply based on policy wording and rider conditions.