Ordinary Endowment Plan
Ordinary Endowment Plan
Ordinary Endowment Plan is one of the insurance plans marketed by Protective Life for the financial welfare and security of the customers. This insurance is popular as a means of financial aid assurance and security. If the policyholder dies within the term, the full insured amount is paid along with the earned profits. Besides, the full insured amount is paid on maturity along with the accrued bonuses.
Conditions and Benefits of the Policy:
| Sum Assured | Minimum Tk. 30,000.00 |
| Policy Term | 10, 15, 20, 25, 30 or 35 years |
| Age at commencement | Minimum 20 years, Maximum 55 years |
| Age at maturity | Maximum 70 years |
| Mode of payment | Quarterly, Half yearly, Yearly |
| Benefits of the Policy | |
| Maturity benefit | On the survival of the insured till the end of the term full Sum Assured along with accrued bonuses will be paid to the insured. |
| Death benefit | On death of the insured during the term of the policy Sum Assured along with accrued bonuses will be paid to the nominee(s). |
| 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) |
