Plan 03
Biennial Payment Plan – with profit
Biennial Payment Plan is a very attractive insurance policy of Protective Islami Life Insurance Ltd. After first 4 years of the policy tenure every 2nd year a certain percentage of sum assured is paid to the policyholder. Rest of the amount of sum assured along with the accrued profit and bonuses are paid after maturity.
Conditions and Benefits of the Policy:
Provides financial assistance even before the completion of the policy terms through payment of survival benefits.
Tenure of Policy | Year of Benefit Payment | % of Payment | Payable at Maturity |
10 Years | 4th, 6th and 8th Year | 20% | Rest 40% and Accrued Bonus |
15 Years | 4th, 6th, 8th, 10th and 12th Year | 15% | Rest 25% and Accrued Bonus |
20 Years | 4th, 6th, 8th, 10th, 12th, 14th, 16th and 18th Year | 10% | Rest 20% and Accrued Bonus |
Sum Assured | Minimum Tk. 30,000 |
Policy Term | 10, 15 and 20 years |
Age at commencement | 20 – 55 years |
Age at maturity | 65 years (Max) |
Mode of payment | Quarterly, Half yearly, Yearly |
Benefits | |
Death benefit | On death of the insured during the term of the policy Sum Assured with accrued bonuses will be paid to the nominee(s).
The special benefit of this plan is that No Partial Payment Paid Earlier will be deducted from the payable Sum Assured during payment of the Death Benefits. |
Investment | The insured can avail the investment facility (maximum 90% of Surrender/ Encashment value) after completion of 2(two) years. |
Surrender | The insured can avail Surrender/ Encashment value after completion of 2(two) years. |
Income Tax | The Policyholder gets tax rebate facility against the paid policy premium. Death claim is tax free. 5% tax will be deducted from the net profits the Policyholder gets from the insurance company at the time of maturity payment. |
Rider Cover | Policyholder may take the below additional rider coverage at very small amount of premium: Double Indemnity Accident Benefit (DIAB) and Permanent Disability and Accident Benefit (PDAB) |
