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Multi-Instalment
Multi-instalment life insurance is capable of meeting the financial needs of the insured multiple times before the insurance term is completed. Moreover, by purchasing multi-instalment insurance, the insured can also provide financial security to his/her pets.
By purchasing insurance included in the multi-instalment term insurance plan payable in installments every two years, the insured gets the following benefits:
1. Since the insured amount is paid every two years after the first four years during the term, this insurance is capable of meeting the future financial needs multiple times.
2. Despite paying the installment money multiple times, if the insured dies during the term of the insurance, the entire insured amount is paid along with a bonus.
This Multi-Instalment insurance is for a period of 10, 15 or 20 years. The amount of installments paid at different times during the period is as follows:
(a) 10 year term:-
The first installment after the expiry of 4 (four) years and thereafter at every 2 years at the rate of 20% of the sum insured will be paid to the insured, i.e. 20% at the end of 4 years, 20% at the end of 6 years, 20% at the end of 8 years and the remaining 40% at the end of the period along with the earned bonus.
(b) 15 year term:-
The first installment after the expiry of the first 4 (four) years and thereafter at every 2 years at the rate of 15% of the sum insured will be paid to the insured, i.e. 15% at the end of 4 years, 15% at the end of 6 years, 15% at the end of 8 years, 15% at the end of 10 years, 15% at the end of 12 years and the remaining 25% at the end of the period along with the earned bonus.
(c) For a period of 20 years:-
The first installment after the completion of the first 4 (four) years and thereafter at the rate of 10% of the sum assured will be paid to the insured, i.e. 10% at the end of 4 years, 10% at the end of 6 years, 10% at the end of 5 years, 10% at the end of 10 years, 10% at the end of 12 years, 10% at the end of 14 years, 10% at the end of 16 years. 10% at the end of 18 years and the remaining 20% will be paid along with the earned bonus at the end of the term.
JBC Monthly Savings Scheme (With Profit) Table No. 61”
This Multi-Instalment insurance plan has been introduced by the Life Insurance Corporation to provide life insurance benefits to low-income people – farmers, laborers, cooperatives, animal husbandry, blacksmiths, garment workers, rickshaw pullers and all classes of policyholders, especially women of the country. As a result of the launch of this scheme, all the people of the country will be able to avail the benefits of insurance by paying low premiums in monthly installments, on the other hand, their families will get financial security in the event of their premature death. Along with this, they will be able to meet their financial needs in the future by getting money with profit on maturity.
The features of this Multi-Instalment insurance are as follows:-
- The term is from a minimum of 12 years to a maximum of 16 years.
- Premium can be paid in monthly installments.
- Minimum monthly deposit is 100/= Taka, maximum monthly deposit is 1500/= (one thousand five hundred Taka). Maximum one year (12 months) premium can be paid in advance.
- Minimum entry age is 18 years, maximum entry age is 48 years.
- Maturity age will not be more than 60 years. Only one prescribed form has to be filled for this new scheme.
- Age proof must be submitted along with the proposal.
- No medical examination report has to be submitted for this Multi-Instalment insurance.
- Payment of the sum assured (with profit) at the end of the term. In case of premature death of the insured, the sum assured will be paid to the nominee along with the profit earned.
- Income tax relief is available on the premium paid.
- This Multi-Instalment insurance can be surrendered and loans can be taken after paying premiums for 2 (two) years.
JBC Expected Monthly Savings Scheme (With Profit) Table No. 62”
This Multi-Instalment insurance plan has been introduced by the Life Insurance Corporation “Expected Monthly Savings Scheme (With Profit) Table No. 62” to provide life insurance benefits to all categories of insurance customers, especially women of the country, including low-income people, farmers, workers, rickshaw pullers, garment workers, etc. One of the benefits of this scheme is that after half of the insurance period, 30% of the sum insured will be paid in installments, so that future financial needs will be able to be met before maturity.
As a result of the introduction of this scheme, all the people of the country will be able to take the benefits of insurance by paying low premiums in monthly installments. On the other hand, their families will get financial security in the event of their premature death. Along with this, they will be able to meet their financial needs in the future by getting profit money on maturity.
New Scheme Features:
01. Minimum term from 12 years to maximum 16 years.
02. Premium can be paid in monthly installments.
03. Minimum monthly deposit is 100/- Taka, maximum amount is 1500/- Taka, maximum premium can be paid in advance for one year (12 months).
04. Maximum entry age is 48 years for 12 years and 44 years for 16 years. Full term age will not exceed 60 years.
05. Only one prescribed form has to be filled for this insurance. Age proof must be submitted along with the proposal.
06. No medical examination report has to be submitted
07. In case of 12 years term, 30% of the insurance amount will be paid after regular payment for the first 6 years. In case of 16 years term, 30% of the insurance amount will be paid after payment for the first 8 years.
08. If you pay the premium regularly, the remaining sum assured will be paid along with the earned profit on completion of the term.
09. Despite paying the first installment, if the insured dies prematurely during the term while the policy is in force, the entire sum assured will be paid along with the earned profit.
10. Income tax relief is available on the premium paid. Multi-Instalment Insurance claim money is exempt from income tax up to a certain limit.
11. Surrender and loan can be taken after paying the premium for two years in this Multi-Instalment insurance.
Related topics: Term Benefit Pension Insurances Policy BD