Shad Abad Assurance is an endowment assurance type of life insurance plan that offers both savings and protection benefits. This plan is designed to provide financial security and a lump sum payout to the policyholder or their beneficiaries under various circumstances. Here are the key features and details of the Shad Abad Assurance plan:
Minimum Entry Age: 20 years
Maximum Entry Age: 60 years
Maximum Age at Maturity: 70 years
Policyholders have the option to attach supplementary covers or riders to enhance the coverage of their Shad Abad Assurance policy. These riders can provide additional protection or benefits.
On the completion of the policy term, the sum insured (the face value of the policy) plus any bonuses that may have accrued are payable to the policyholder. This provides a lump sum payment to the policyholder at the end of the policy term.
In the unfortunate event of the policyholder's death during the policy term, the death benefit is determined as follows:
The standard death benefit consists of double the sum insured along with any accrued bonuses.
In the case of death due to an accident, the death benefit is four times the sum insured, plus any bonuses. This feature provides enhanced protection for accidents.
Policyholders can further enhance the coverage of their Shad Abad Assurance plan by attaching supplementary covers or riders. These additional coverages can help tailor the policy to specific needs and provide extra protection.
Shad Abad Assurance is suitable for individuals who recognize the primary savings aspect of an endowment assurance plan but also want additional coverage to protect their loved ones in the event of their untimely death before the policy matures. It combines savings and protection to meet both financial security and long-term savings goals.
Insurance companies typically provide tools or calculators to help individuals estimate the premium they would pay for a Shad Abad Assurance policy. Premiums are determined based on factors such as the insured's age, sum insured, and the chosen policy term.
In summary, Shad Abad Assurance is a versatile life insurance policy that offers savings and protection benefits. It provides a lump sum payout at the end of the policy term and enhanced death benefits in the case of accidental death. Policyholders can further customize the plan with supplementary covers to meet their specific needs. This policy serves individuals who seek a combination of savings and additional financial protection for their loved ones in case of an unfortunate event.
