FAQs

1. What kind of a plan is Roz Sanchay?

Roz Sanchay is a Limited Pay Non Participating Guaranteed Endowment Plan. This plan creates a corpus at maturity by means of Annual Guaranteed Additions on the policy. In case of the unfortunate demise of the life insured, prevailing Death Benefit along with Accrued Annual Guaranteed Additions will be paid to the nominee.

 

2. What are the policy terms available?

Policy terms available are 16 years and 21 years.

 

3. Who can buy this plan?

Anyone between the ages of 8 - 50 years for 16 year policy term and ages of 8 - 45 years for 21 year policy term can opt for a Roz Sanchay plan. This plan ensures that your family remains financially secure when you are no longer around to take care of them.

 

4. What are the premium payment terms available in Roz Sanchay?

Roz Sanchay has a limited premium payment term, as given below: -
For policy term of 16 years 12 years premium payment term
For policy term of 21 years 16 years premium payment term

 

5. What are the premium modes available in Roz Sanchay?

The customer can pay premium by Monthly, Half Yearly and Yearly modes.
Monthly Mode only via Credit Card, Direct Debit or ECS. Quarterly Mode is not available.

 

6. What is the Minimum and Maximum Sum Assured available in Roz Sanchay?

For policy term 16 years Minimum SA: Rs.80,000/-
For policy term 21 years Minimum SA: Rs.1,20,000/-

 

7. If a customer buys a Roz Sanchay policy for 21 years and an unfortunate event was to happen in the 15th year resulting in his untimely death, what would be paid to the nominee?

In case of an unfortunate event, the policy terminates and the benefits payable will be:

  • Base Death Benefit PLUS
  • Accrued Annual Guaranteed Additions

 

Where, Base Death Benefit is 150% of Base Sum Assured in the first policy year increasing by an amount equal to 5% of the Base Sum Assured for every completed policy year till the date of death. The Base Death Benefit will at least be equal to:

 

If the age at entry of the life insured is less than 45 years:
Highest of (10 times the Annualized premium* OR 150% of the base Sum Assured OR 105% of all the premiums paid as on date of death)

 

If the age at entry of the life insured is 45 years and above:
Highest of (7 times the Annualized premium* OR 150% of the base Sum Assured OR 105% of all the premiums paid as on date of death)
*The Annualized premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any

 

8. What is the maturity benefit under Roz Sanchay?

Maturity benefit in Roz Sanchay comprises two components:

  • 150% of Base Sum Assured (chosen at inception) PLUS
  • Accrued Annual Guaranteed Additions

 

9. What is Annual Guaranteed Additions and when will the amount accrue in the policy?

Annual Guaranteed Additions will accrue at the end of each policy year from the 4th policy year till end of the policy term.
The AGA in respect to a policy year will accrue to the policy provided all due premiums have been paid till that policy year.
No pro-rata AGAs will be given for incomplete policy year.
The AGA rates expressed as per 1,000 of Base Sum Assured are as follows:

 

Completed Policy Year
5 policy years

Policy Term - 16 Years

Policy Term - 21 Years

4

28

30

5

33

35

6

38

40

7

43

45

8

48

50

9

53

55

10

58

60

11

63

65

12

68

70

13

73

75

14

78

80

15

83

85

16

88

90

17

NA

95

18

NA

100

19

NA

105

20

NA

110

21

NA

115

 

10. How does the plan work?

  • Select the Base Sum Assured as per the requirement subject to the minimum and maximum allowed amount
  • Choose the duration of your policy from either 16 or 21 years
  • Pay the premium (including GST) which is based on the Age, Gender of the Life Insured, Policy Term and the Base Sum Assured chosen

 

11. Can the policy term be changed at a later date?

No, policy term, once chosen, cannot be changed at a later date.

 

12. Can the policy be surrendered?

Yes, the policy can be surrendered after premiums for first 2 consecutive policy years have been paid in full.

 

13. What are the tax benefits available under the Roz Sanchay plan?

Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.

 

14. What is the maximum premium one can opt for under Roz Sanchay?

Maximum premium under Roz Sanchay depends on the chosen base Sum Assured, age at entry, policy term, premium payment term and underwriting norms of the Company

 

15. Can loans be availed against Roz Sanchay policy?

Yes, loans will be available after the policy acquires Surrender value, up to 80% of the Surrender value.

 

16. What is the Grace period available under the Roz Sanchay plan?

30 days from the premium due date is allowed for payment of premiums through all modes.

 

17. In case of surrender of policy, will the customer get any surrender value?

Yes, the customer will get the surrender value and the policy will terminate and no further benefits would be paid on death or maturity.
On surrender, Surrender Value equal to higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) would be paid. The GSV is X% of total premiums paid till date of surrender plus the GSV of the Accrued AGA , where X is as defined below:

 

Year in which policy is surrendered GSV as a percentage of premium paid (X)
Term = 16 years Term = 21 years

2

30%

30%

3

50%

50%

4

50%

50%

5

50%

50%

6

50%

50%

7

55%

50%

8

55%

55%

9

60%

55%

10

60%

55%

11

65%

60%

12

65%

60%

13

70%

60%

14

70%

65%

15

70%

65%

16

70%

65%

17+

NA

70%


The Special Surrender Value is not guaranteed and may change depending on the prevailing market conditions subject to prior approval of Authority.

 

18. Let us assume a customer buys a Roz Sanchay policy for a term of 21 years. He stops paying premiums after 3 years and informs the company that he would be unable to pay future premiums. However in the 5th policy year, he wants to again start paying the premium. Would he be allowed? If yes, are there any T&C?

  • Yes, the customer can restart paying the premium as revival of a policy is available for up to 2 years from the date of first unpaid premium
  • Payment of all unpaid premiums with interest is required to reinstate the policy in all cases
  • Upon revival of the policy, the policyholder will become entitled to full policy benefits including any applicable Annual Guaranteed Additions assuming the policy was never lapsed or converted to paid-up

 

19. Let us assume a customer buys a Roz Sanchay policy for a term of 21 years. He stops paying premiums after 3 years and informs the company that he would be unable to pay future premiums. However in the 9th policy year, he wants to again start paying the premium. Would he be allowed? If yes, are there any T&C?

No, the customer cannot restart paying the premium. Revival of a policy is available for up to 2 years from the date of first unpaid premium.

 

20. What is the revival period available under Roz Sanchay plan?

The policy can be revived within two years from the due date of the first unpaid premium.

 

21. Is there any exclusion under Roz Sanchay plan?

Yes. The exclusions are as under:

  • If the life insured commits suicide within 12 months from the coverage commencement date the Company would pay an amount equal to 80% of the premiums paid (excluding any underwriting extra, service tax, education cess and survival benefit already paid, if any) as death benefit
  • In case of suicide within one year of the date of revival, higher of 80% of premium paid till the date of death or surrender value would be paid as death benefit

 

22. What if I want to cancel my policy since I do not agree with the terms and conditions mentioned in the policy?

You will have a period of 15 days (30 days in case the policy is sold through distance marketing) from the date of receipt of the policy bond to review the terms and conditions of the policy and where you disagree to any of these terms and conditions, you have an option to return the policy stating the reasons for objection. On receipt of the letter along with the policy bond, the Company will refund the premiums paid, subject to the deduction of proportionate risk premium and any expenses incurred by the Company on insurance stamp duty and medical examination.

 

Distance Marketing entails to the sale of the product through a mode other than personal interaction.

 

23. Can extra loading on premium be applied under any circumstances?

Yes, if the occupation of life insured is associated with any specific hazard as mentioned in the application form, extra loading on the premium may be applied.