What does it do?
This pure term plan is available online for direct purchase. It pays sum assured to the nominee in case of unfortunate loss of life of the insured. The plan does not pay any maturity or survival benefit.
However, the those with single premium payment option can surrender the policy after third policy year, in case of an emergency. Surrender value will be calculated according to the predefined formula.
In case of single premium policies, if policyholder commits suicide within first 12 months of the policy, surrender value will be paid to family members.
Pros
This plan is available online.
Women can get lower premium rates.
In case of suicide within 12 months of commencement of single premium policies, this plan pays only surrender value and not the sum assured.
Cons
Maximum sum assured is fixed at Rs 49 lakh, which makes the policy unsuitable for anyone looking for higher life cover.
