Plan 14

Monthly Savings (2 Stage Payment) Insurance Plan – with Profits

Financial Benefits and Security of Insurance Policy are mostly needed for the poorer families of the country. Protective Islami Life Insurance Ltd. has introduced Monthly Savings (2 Stage Payment) Insurance Plan -with profit which is a short term savings plan for the policyholders. Policyholders get the facility of meeting their financial necessities easily as it has two stages of the maturity benefits payment. Also, as it’s premium is payable monthly and the amount is very small, people with low income can afford this policy. This policy will give financial solvency to the low income population of the country. 

Eligibility Conditions and Other Restrictions:

Sum Assured

Minimum Tk.10,364.00, Maximum Tk.10,00,000

Monthly premium

Minimum Tk.1000.00

Policy Term

10 and 12 years 

Age at commencement

20 to 55 years

Age at maturity

65 years (Max)

Mode of payment

Monthly (May be paid quarterly, half-yearly, yearly in advance)

Riders

No Rider is Covered in this Policy.

Benefits

Maturity benefit

On the survival of the insured till the end of the term, the policyholder will get the below benefits:

1.  35% of Sum Assured will be paid after completion of 6 years of policy period.

2. Remaining 65% of Sum Assured with accrued bonuses will be paid after completion of the full policy period.

Death benefit

On death of the insured during the term of the policy 100% 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 & Paid-up

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.