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Secure Bhavishya Plan

Eligibility Criteria

If the policy is sourced under QROPS, the Age of the Life Assured on the Vesting date should be between 55 (Fifty Five) years and 75 (Seventy Five) as per the prevailing Her Majesty Revenue & Customs (HMRC) requirements.

Benefits

Death Benefit

Higher of Fund Value or 105% of the all premiums paid (including top-up premiums, if any) Options available on Death.

The nominee/claimant shall have the option to utilize the death benefit in one of the following ways:

• Utilize the entire proceeds of the policy or part thereof for purchasing an immediate/deferred annuity at the then prevailing rate from us, which shall be guaranteed for life at the then prevailing annuity/pension rates. However, you will have an option of purchasing an immediate/deferred annuity at the then prevailing rate from any other insurer to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
• Withdraw the entire proceeds of the policy

Maturity (Vesting) Benefit

Higher of Fund Value or guaranteed* maturity benefit, where the guaranteed* maturity benefit is 101% of total premiums paid (including top-up premiums)

*Benefit is guaranteed subject to payment of all due premiums.

Options available on Vesting (Maturity)

1. Commute up to 60% and utilize the balance amount to purchase immediate/deferred annuity from us, which shall be guaranteed for life, at the then prevailing annuity/pension rates. However, you will have an option of purchasing an immediate/deferred annuity at the then prevailing rate from any other insurer to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
2. Utilize the entire proceeds of the policy for purchasing an immediate/deferred annuity at the then prevailing annuity rate of the Company. However, you will have the option to purchase immediate/deferred annuity from any other insurer at the then prevailing annuity rate to the extent of the percentage, stipulated by the Authority, currently 50%, of the entire proceeds of the policy net of commutation.
3. Extend the accumulation period or defer the Vesting date (subject to maximum Vesting age) within the same policy, with same terms and conditions, provided you are less than 60 years of age as on that date.

For option 3 above, for single pay or limited pay variant, only deferment of vesting date is allowed subject to maximum maturity age of 80 years. No premiums are to be paid for the extended period.

For regular premium policies, there will be an option to extend the accumulation period i.e. premium payment period along with deferment of vesting Date.

Investment Funds and Investment strategy:

There are three investment funds in the plan. The investment and risk profile of each fund is described below:

*Others will include investments in Liquid Mutual Funds, FDs and other short term investments

Examples

Policy Term : 20 Years

Pension Growth Fund

• 100% of the premiums (including top-ups) are invested in this fund for the first 15 policy years.
• Gradual shifting in 5 quarterly tranches will happen during 15th policy year.
• Any premium / top-ups in 15th policy year shall also be invested in Pension Growth Fund

Pension Balanced Fund

• All available Units under the Pension Growth Fund are switched out and moved to Pension Balanced by the beginning of 16th policy year
• 100% of the renewal premiums (including top-up's) are invested in this fund after first 15 policy years are over, which means for the last five years
• Option for switching and premium re-direction to Pension Debt Fund in last five policy years

Pension Debt Fund

• Any proportion of Funds can be switched from Pension Balanced Fund to Pension Debt Fund in last five policy years
• Switching is not allowed from Pension Debt Fund to any other Fund
• Renewal premium / Top-ups can be re-directed to Pension Debt Fund in last five policy years

Tax Benefits^#

You may be entitled to certain tax benefits as per the Income Tax Act, 1961. Tax benefits under the policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time.