The Sunheri Policy is an innovative and flexible life insurance product that offers a solution to address the challenges of inflation in an economically efficient manner. This policy is designed to adapt to the changing needs and income levels of policyholders. Here are the key features and details of the Sunheri Policy:
The Sunheri Policy is designed to be flexible and secure, providing policyholders with financial protection while addressing the effects of inflation.
A special feature of this plan is that, starting from the third policy year onwards, both the sum insured under the policy and the premium will increase by 6% per annum without requiring the policyholder to provide any evidence of insurability. This built-in feature helps the policy adapt to the changing financial circumstances of the policyholder.
The Sunheri Policy participates in the surplus of State Life, and currently, the rate of bonus is Rs 105 per thousand per annum of the adjusted opening cash value.
If the life insured passes away during the first two years of the policy issue, the initial basic sum insured will be payable. If the life insured expires in the third or later policy years, the death benefit payable will be equal to the sum insured applicable to the policy year of death plus the adjusted opening cash value.
The policy matures on the policy anniversary nearest to the age of 70 years of the life insured. The maturity benefit is equal to the cash value of the policy at age 70.
Policyholders have the option to attach supplementary covers or riders to enhance the coverage of their Sunheri Policy. These supplementary covers can further increase the overall coverage under the plan.
The Sunheri Policy is ideal for individuals who have just started their careers and anticipate an increase in their income over a certain period, typically within a year or two. The automatic increase in the premium and sum insured helps them meet their growing insurance requirements as their incomes increase.
Insurance companies typically provide tools or calculators to help individuals estimate the premium they would pay for a Sunheri Policy. Premiums are determined based on factors such as the age of the policyholder and the chosen policy term.
In summary, the Sunheri Policy is a versatile life insurance plan that addresses the challenges of inflation by allowing for an annual increase in the sum insured and premium without requiring evidence of insurability. It provides flexibility and security while offering participation in the insurance company's surplus and the option to add supplementary covers for enhanced coverage. This plan is well-suited for individuals with increasing income levels who want to ensure their insurance coverage keeps pace with their growing financial needs.
