IndusInd Nippon-Wealth And Insurance Plan

Eligibility Criteria for the IndusInd Nippon Wealth and Insurance Plan

Features of IndusInd Nippon Wealth And Insurance Plan

Here are the key features of the plan:

• High Life Cover: This cover pays out 100 times the annualised premium (depending on your age and other factors) as life cover, and so ensures that your family will receive strong financial protection in the unlikely event you were to pass away.
• Investment Fund Options: Investments are available in 8 funds across equity, debt, and balanced categories to help you choose an investment approach that matches your risk tolerance and return expectations.
• Flexible Premium Payment Options: Premiums can be paid over a period (5 to 20 years), so that you can match the plan to your cash flows and planning time.
• Loyalty Additions and Wealth Boosters: The plan has the following loyalty additions with long-term investments:
  • Loyalty Additions: at regular intervals (from later policy years)
  • Wealth Boosters: Additional units in consideration of premium and policy tenure

These additions are intended to increase the fund's value.

• Charges Returned: Certain charges are returned after the first few years:
  • Premium Allocation Charges are returned at a certain year (e.g., 15th year)
  • Mortality Charges are refunded periodically after the first few years

This may improve the performance over time by reducing the premium.

• Switching Facility: You can switch funds (up to 52 free switches in a year) if you want to alter your investment choice based on market conditions or other factors.
• Partial Withdrawal Facility: After the 5-year lock-in period, you can choose to withdraw a portion of the fund:
  • Minimum withdrawal amount applies
  • Maximum withdrawal amount (e.g., 20% of fund value each year).

Benefits of the IndusInd Nippon Wealth and Insurance Plan

Below are the benefits of this plan:

• Maturity Benefit: The accumulated fund value of investments, paid out as a lump sum upon survival to the end of the policy term, contributes to the long-term financial target.
• Death Benefit: Financial protection is guaranteed to the family in case of the death of the life assured,  the nominee gets either:
  • The sum assured,
  • fund value, or
  • 105% of total premiums paid.
• Opportunity to Create Wealth: The plan also offers a variety of funds that policyholders can invest in depending on their risk tolerance and market performance.
• Royal-Additions And Wealth-Boosters: New units are slowly added to the fund value, increasing the rate of return in the long term and boosting overall corpus accumulation.
• Return Of Charges: The premium allocation and mortality charges are refunded after certain policy years, which enhances the value of the fund.

Riders Under the IndusInd Nippon Wealth and Insurance Plan

The plan offers optional riders to enhance coverage:

• Critical Illness Plus Rider
• Indus CI Plus Rider

These riders provide additional financial support in case of critical illnesses and can strengthen overall protection.

Policy Details of the IndusInd Nippon Wealth and Insurance Plan

The following are the policy details of the Indusland Nippon Wealth and Insurance Plan:

1. Grace Period

   Payment of premiums beyond the due date is allowed during a 30-day grace period (15 days for the monthly mode). The policy is also still effective, and it has not stopped covering at this time. This gives policyholders the flexibility to make payments without immediate lapse.

2. Revival

   In case of non-payment of the policy, the policy will lapse, but it will be resumed within three years of the date of the initial premium that was not paid. Revival will entail payment of all the outstanding premiums plus any charges imposed on the policy, depending on the terms of the policy. This assists in reviving the policy benefits and coverage.

3. Free Look Period

   It has a 30-day free look period since the inception of the policy document delivery. At this time, the policyholders are able to go through the policy terms and conditions and withdraw the policy in case they are not satisfied with the policy. All refunds will be made under appropriate deductions.

   

4. Surrender

   The surrender period is permitted only after the five-year lock-in period. If the policy is surrendered before this period, the fund value is rolled over to a discontinued policy fund and paid out upon the expiration of the lock-in. This will make it in line with the ULIP requirements.

5. Fund Switching

   The plan offers 52 fund switches per policy year at no extra cost. This aspect allows the policyholders to take control of their investments and customise the share of funds according to the market realm and risk assumptions.

6. Loan

   There is no loan facility as per this plan. The policyholders are not allowed to borrow against policy value and have to depend on withdrawals (where allowed) to get liquidity.

Exclusions Under the IndusInd Nippon Wealth And Insurance Plan

1. Suicidal Cover

   If death occurs due to suicide within 12 months of policy inception or revival, only the fund value is payable.

2. Total Permanent Disability (TPD)

   Specific exclusions apply depending on policy terms and any rider attached.