Endowment Assurance Platinum Plan – Key Features and Benefits
Endowment Assurance Platinum Plan is a remarkable individual insurance and money growth strategy plan. It serves as a reserve fund while offering ensured insurance coverage throughout the time of the policy. Adding different advantages to the scheme subsequently helps in getting assurance for various plausible dangers the policyholder might experience during the whole term. Maturity value in addition to terminal rewards can be utilised for a particular reason like education of your kids, kid’s marriage, retirement or a special vacation you were planning to take. In general, this scheme can assist you with accomplishing your objectives and turn goals into reality. So regardless of whether it is for an emergency, to take care of your home loan, for the international trip with your loved ones, or some other need, you can plan savings with an Endowment Assurance Platinum Plan.
Key Features of Endowment Assurance Platinum Plan
You are provided with a lot of benefits when you opt for this plan. Here are some of the key features of the Endowment Assurance Platinum Plan:
Premium currency
The currencies in which you can pay your premium are:
US Dollars (USD)
UAE Dirhams (AED)
Age criteria
The age criteria play an important role in this plan. You should plan beforehand if you think of taking up this plan.
The minimum age at the time of entry is five years
The maximum age is 65 years
The maximum maturity age is 80 years
Scheme term
You can choose any scheme term between 5 years to 30 years.
Scheme payment term:
You can pay your policy term in 4 ways:
Single Pay
3 years pay
5 years pay
Full Term Pay
Premium Mode of Payment
There are four modes by which you can pay your premium:
Month to month
After every three months
After every six months
Yearly
Ensured Survival Benefit
There are numerous guaranteed survival benefits in this kind of assurance plan and they are:
100% of total amount assured
Terminal Bonus towards the end of the scheme term
Death bonus
If you happen to face sudden death, your loved ones will still benefit from this plan. They will get:
Total amount assured
Terminal Bonus
Extra benefits
We already discussed that this platinum plan comes with a pool of benefits. Apart from those, you also get a bunch of optional benefits which are listed below:
Serious Illness Benefit
Total Disability Benefit
Sudden Death and Segmentation of Body Benefit
Triple Accident Benefit
Waiver of Charge Benefit
Latent War Benefit
Family Salary Benefit
Premium Interruption
You are given grace period of 30 days
Scheme Revival time of 2 years
Programmed Premium Loan
Settled up choice
Give up choice
Broadened Term Cover
For serious Illness cover
Max age of entry is 65 years
Max inclusion age is 70 years
Up to half of the fundamental sum assured can be issued
How does Endowment Assurance Platinum Plan work?
The endowment assurance platinum plan has been explicitly designed to furnish you with cash when it is generally required. This plan guarantees to pay a degree of sum assured and rewards to the recipient if there is an occurrence of the sudden death of the policyholder during the term and also pays similar advantages if the policyholder endures the whole scheme term. This basic but effective plan from the insurance company offers the client the option to save their cash in USD or AED over a decided timeframe, permitting it to gather and grow. If there is an occurrence of the sudden passing of the policyholder, the recipient is guaranteed to get the life coverage sum alongside terminal rewards. The guaranteed sum offers the security for your reserve funds, while the yearly terminal reward, issued each year, offers good returns for the sum saved. These rewards, which are announced every year, are gathered and paid alongside the last maturity amount.
Steps to apply for the Endowment Assurance Platinum Plan
Pick the basic sum based on your necessities
Pick the scheme term according to your needs.
Pick the premium installment terms according to your comfort.
Your premium will be determined based on your Age, Basic Sum, Scheme Term, and Payment periods.
Complete the documentation alongside other requirements.
Pay your expenses consistently
Enjoy maturity sums at indicated time intervals and rewards alongside the last maturity.
In case of sudden demise during the scheme term, the full sum guaranteed in addition to terminal rewards will be paid to the recipients, thereby providing financial security to the family. This is an overall cover with benefits payable in any country (standard prohibition applies). The advantages depend upon payment of full charges.
Maturity rewards
Three installments at specific periods will be paid all through the scheme term dependent on the survival of the policyholder.
Yearly bonus
Every year, the insurance company proclaims a terminal reward that gets accumulated in the scheme and is paid at the time of the final maturity or when the demise claim of the policyholder is paid. The reward relies upon the profit of the business.
Scheme loans
If the policyholder needs cash urgently, it is feasible to acquire a credit against the money value of the scheme.
Scheme surrender
The scheme procures a money value after a specific period based on the payment term. The policyholder can give up the scheme, which is dependent on a money value chart introduced at the start of the scheme.
Grace period
This period of 30 days is permitted after the policyholder fails to pay the premium. All advantages remain the same during this period.
Programmed premium loan
If there is an occurrence of monetary trouble in paying the charges, the Automatic Loan choice will empower the policyholder to pay the premium from the money value of the scheme. The company will proceed with subject to the accessibility of cash value.
Settled up option and Extended term
After obtaining money value, if the policyholder can’t proceed with the premium installment, they can choose to convert the scheme into Paid-Up status. The Sum Assured (for demise) for this situation will be reduced to the worth of the Paid-up Amount.
The owner of the policy additionally has the choice to pick the Extended Term choice, which empowers the Demise Benefit to proceed at 100%, while the Endowment value, assuming any, will be cleared at the end of maturity.
Scheme revival period
The lapsed scheme can be restored within 2 years of the last expense paid by paying the charges due alongside the charge subject to ‘Affirmation of Good Health’.
Shorter Premium Payment choice
This exceptional component empowers clients to pick more limited Premium Payment Term on the basis of their comfort regardless of the Scheme Benefit Term.
Other than the usual premium, the client can decide to pay the expenses in one of the three more limited time frames listed below:-
Single premium – You can pay the expenses in one single instalment
Three years premium installment – You can pay the expenses in 3 years
Five years premium installment – The expenses can be paid over a 5 year period.
The client also gets the benefit of decreased charges, making the profits appealing.
This restricted period premium instalment aids clients to finish their instalment well ahead of time, so they get to enjoy the essential advantages of the scheme without paying the premium for the leftover term.
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