HumSafar – Marriage Plan

Having worked hard for success, one may realize the value of saving for the future. As head of the family, multiple roles come into play. One of the key roles is being a responsible, caring parent. To make sure the child gets the best of everything one will always do anything that can be done, like taking care of expenses such as a son’s or a daughter’s marriage. So opt for the HumSafar Marriage Plan and meet your child’s marriage expenses along with the added advantage of life insurance cover.

ELIGIBILITY AGE

Anyone between the ages of 18 years and 60 years next birthday

POLICY TERM

10 to 25 years subject to a maximum age of 70 years at maturity.

REGULAR PREMIUM

The Minimum Annual Basic regular Premium is Rs. 24,000/- per annum.

FUND ACCELERATION PREMIUM
(Lump Sum Adhoc Contribution)

Fund Acceleration Premium (FAP) can be paid at the commencement date or at any time while the policy is in force. The minimum FAP is Rs. 24,000.

INVESTMENT PROPORTION

(i) Unit Allocation

The allocation of the annual basic plan contribution to buy units in the selected fund is as follows:

YearUnit Allocation %
130%-40%
280%
3 and onwards100% + applicable bonus

(ii) FAP Unit Allocation

100% of FAP payment is allocated to purchase units.

MARRIAGE SUPPORT BONUS

The plan provides valuable Marriage Support bonuses during the plan’s term to boost the fund accumulation. The bonus is allocated, as a percentage of the average Basic Plan contribution paid, in the 11th, 16th and 21st year of the policy, provided the plan is continued without any breaks. The extra unit allocation is as follows:

YearUnit Allocation %
1120%
1630%
2140%

ENGAGEMENT BONUS

At the end of 15 years, EFU Life will add an Engagement Bonus to the plan equal to 15% of the average basic plan premium paid.

UNIT LINKED FUND

The premiums in the plan are linked to the Unit Linked fund which is invested in multiple Fund option ( to be selected at policy issuance)

  1. Managed Growth fund
  2. Guaranteed Growth fund
  3. Aitemad Growth fund

BENEFIT ON DEATH

In the unfortunate event of death of the assured parent during the savings term, a built-in Continuation Benefit ensures that the targeted fund is achieved at maturity of the plan.

PLAN MATURITY

At maturity, the plan provides the accumulated fund value which can be taken in lump sum or if funds are not required immediately for marriage, the amount can be left to accumulate with EFU Life for a maximum period of one year. At the end of one year period, EFU Life will pay accumulated fund value and Maturity Investment Bonus of 20% of the annual average premium.

INDEXATION

Under this option, the premium will increase every year by 5% of the previous year’s contribution with appropriate increase in benefits, without any medical evidence

CHARGES

Fund Management Charge: 1.5% per annum.
Bid/Offer Spread: 5% of the net contribution.
Administration Charges: Rs.50 per month deducted annually.

CASH WITHDRAWAL

The Policy can be encashed at anytime after the second year’s regular premium payment.
The Client can make partial cash withdrawals after commencement whilst continuing to make regular premiums and keeping the plan in force. This facility is subject to Rs. 20,000 remaining in the plan after such withdrawals (excluding the cash value of the FAP).
The FAP cash value can be withdrawn in full or partially at any time whilst the policy is in force.

ADDITIONAL BENEFITS

The following riders are available with this product

  • Income Benefit
  • Accidental Death Benefit
  • Waiver of Premium