Introduction
IGP
Plus is a unique combination of life insurance protection
and savings program. Designed with special features, Like
Guaranteed Bonuses, Inflation Booster, Guaranteed Dividend,
Premium Flexibility, Optional Maturity that make IGP Plus
a truly multi-purpose plan to meet your various needs at
all time.
Salient
Features
IGP
Plus has two phases. The first phase starts from the inception
of the policy and ends on completing 7 years. The second
phase starts from the 1st day of the 8th year and continues
up to the maturity of the policy. It works under
each phase as follows:
The
First 7 years Phase
In
the event of death of the insured, the basic face amount
is payable.
Guaranteed
Bonuses
On each policy anniversary from the first to the sixth,
a bonus will be allotted by the company in the form of a
lump sum increase in the death benefit. The rate of bonus
is guaranteed at 20 per1000 of the basic face amount.
Premium
A fixed amount
of premium is payable during these 7 years. If premium payments
are stopped before paying premium for at least 2 years,
the policy will lapse without any value.
Non-Forfeiture
Benefits
If premium payment is stopped after at least 2 Years premiums
have been paid, the policy will be converted to Reduced
Paid-Up or Extended Term.
Insurance
or kept under automatic premium Loan depending on the option
elected.
Surrender Value
The policy may be surrendered at any time after 2 years provided
at least 2 years premiums have been paid. The surrender value
will be quoted on request.
The
Second Phase stanrting from the 8th year
The policy is transferred
to IPA (Investment & Protection Account) on the 7th policy
anniversary with additional attractive features added.
Transfer
of Cash Value to IPA
The
7th year cash value of the policy is transferred to the IPA
as the opening account balance.
Guaranteed
Dividend
A
dividend will be allotted by the company on the 7th policy
anniversary and transferred to the IPA to accelerate
its growth. The rate of dividend is guaranteed at 50% of the
7th year cash value.
Inflation
Booster
As a hedge against inflation and to
maintain the money value of the life insurance protection,
the basic face amount will be increased on the 7th policy
anniversary.The increase will be without any evidence of insurability
and based on the published inflation rates over the past 7
years. The increase can be as high as 50%.The basic premium
will also increase by the same percentage as the basic face
amount. You will have the option to decline the increase.
Death
Benefit
In the event of death
in the IPA Phase, the basic amount (after the inflation booster)
or the account value, which is greater is payable.
.gif){kind=spacer}
