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, then the default first yearly Income Installment will be payable on 31st Dec 2032.
The policy holder will have an option to prepone the Income Installment date upto 1st Jan 2032
(Maximum of 365 days within the Income Period).
Can the Policyholder choose the increment in Step Up Income variant?
No, the Increase in Income payouts is fixed at 10% of the first payout every five years for Income Period of 20 years and the policyholder doesn’t have the option to choose.