Will the Policyholder receive Income payouts immediately after the Policy Term?
The Policyholder will have an option to wait for 0 /1 / 2 years after the end of Premium payment term to avail the Income payouts. This selection has to be done at the inception of the policy.
Is there life cover during the Income Period?
Yes, since the Income period is within the Policy term, there will be life cover during the Income period.
What is the maximum loan one can avail of under this Plan?
The maximum loan one can avail of under the plan is 80% of the surrendered value acquired at the time of availing of the loan.
How can Policyholder choose the Income payout date?
The Policyholder can choose to prepone the Income payout for a period maximum up to 365 days within the Income period in case the Income payouts are received annually. In case of monthly income payouts, the preponement can be maximum up to 30 days still within the Income Period.
For Ex: - In case of yearly Income Instalments
A policy is issued on 1st Jan 2021 with a premium payment term of 10 years and deferment period of 1 year, then the default first yearly Income Installment will be payable on 31st Dec 2033.
The policy holder will have an option to prepone the Income Installment date upto 1st Jan 2033
(Maximum of 365 days within the Income Period).