Astha
Double Sanchay Surakkha
This policy is for someone who has a lump sum amount of money that he or she would like to put aside and watch it grow. In this policy, you pay the full premium once and get twice the amount of Sum Assured after ten years. In case of earlier death during the term of policy, your nominees get the same treat. This will help you ensure financial security for yourself as well as your family in case you are not around to support them.
Feature & Benefit
Double of the premium will be paid to the insured on maturity of the premium.
In case of death of the insured during the term of the policy, double of the premium will be paid to the nominee
When you purchase a life insurance policy, you agree to pay a specific sum of money, known as the premium, to the insurance provider at regular intervals. The frequency or period of your payments depends on your chosen mode of premium. AsthaLife offers several medium of premium payment, including:
Bank: Premium payments can be made through your bank account. You can use net banking, mobile banking, or visit the bank in person to initiate the payment. AsthaLife has tie-ups with specific banks for seamless transactions.
Cheque: Write a cheque for the premium amount and submit it to the insurer. Ensure that the cheque is correctly filled out, signed, and dated. AsthaLife will process the payment upon clearance.
Mobile Banking: Use mobile banking apps to transfer the premium amount directly from your bank account to the AsthaLife. This method provides convenience and real-time confirmation.
Electronic Funds Transfer (EFT): EFT allows you to authorize automatic premium deductions from your bank account. Set up an EFT mandate with AsthaLfie, and the premium will be debited on the specified dates.
The written demand will be subject to the company's announced cancellation policy and a grace period of 30 days will apply. If the premium method is monthly, the grace period will be 15 days.
- Death claims are exempt from income tax.
- 5% tax is applicable at source on the excess of insurance claim amount excluding gross accumulated premium on maturity.
- Up to 15% income tax rebate will be available on vested premium while filing personal income tax return.
- The policy owner's minimum age at entry shall be 18 years and maximum 60 years.
- At maturity, the age of the policyholder cannot exceed 70 years.
Policy can be purchased for a minimum term of 10 years and maximum term of 35 years.
When you purchase a life insurance policy, you agree to pay a specific sum of money, known as the premium, to the insurance provider at regular intervals. The frequency or period of your payments depends on your chosen mode of premium. AsthaLife offers only one mode of premium payment for the product Astha Double Sanchay Shurakkha, following:
Single Premium: It allows you to make a one-time lump sum payment instead of paying regular monthly, quarterly, or annual premiums. Here are the key points about SPL:
- Payment: With SPL, you pay a single upfront premium to fully fund the policy. This lump sum payment puts the policy in force.
- Death Benefit: The policy provides a guaranteed death benefit. When you pass away, your beneficiaries can make a claim for this benefit.
- Cash Value: Part of the lump sum you pay is invested by the life insurance company, and it grows over time. This creates a cash value within the policy.
- Tax Consequences: Keep in mind that SPL has stricter tax consequences compared to most other life insurance policies.
No supplementary coverage is available for the product Astha Double Sanchay Shurokkha.
Since Astha Double Sanchay Shurakkha is a single premium policy, there is no chance that the policy would be paid up.
The policy shall earn cash surrender (encashment) value only after it is in-force (active) for at least two years. i.e. for getting any kinds of survival benefit like surrender with partial maturity:
- Two (2) years premiums need to be paid and
- Two years have to be passed
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