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It is true that not all of lives events can be anticipated. But to use that as
an excuse for not planning is not quite justified. Let's take an example: our
plans could be to go on a long trip with our loved ones during the holidays; to
supplement our spouse's/parent's efforts to accumulate money for buying a
car/house to garner funds for children's education etc.,, and the list goes on.
Now what if you haven't planned for these events?
Let's look at a few questions that concern us:
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What might
be a few important things that you
might want to add color to your
life and that of your loved ones?
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Can you put a tentative date for these events?
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What could be the cost involved in making these events happen by taking into
consideration the effects of inflation?
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What have you done to accumulate enough funds for these things?
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What would you do if you didn't have the required funds at the appropriate
time?
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Have you taken care of the more important need of income protection for your
loved ones?
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If you have not started accumulating for these needs, how much time do you have
at your disposal?
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How much can you set aside on a monthly basis to have enough funds to help you
plan for your most desired events?
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Are you aware
of the effect of rising cost of
products and services (inflation)?
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The Money Back Plan form
National Life enables one to decide on a term and a predetermined maturity
amount after which one is to regularly set aside money (premiums) throughout
the term. The company pays the Maturity amount in installments at various
predetermined intervals during the term. Bonuses are also paid. Further, if
unfortunately the insured were not to survive the term, irrespective of the
amounts previously paid out by the company to the client, the beneficiary would
still receive the entire maturity amount and the bonuses. The benefits are
three fold: sufficient inflow of funds at predetermined times; income
protection for loved ones and bonuses to take care of inflation.
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Cash flows in three times
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High protection
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24 hour world wide cover
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Bonuses to take care of inflation
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Choose the duration of the plan (the term), the total Sum required at various
points through the term (the total of which is called the sum assured) make the
decision and start making the contributions (premiums) on a monthly, quarterly,
half- early or annual basis. |
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On 1/3d of the term 25% of the sum assured would be given, on 2/3rd of the
term, another 25% of the sum assured would be paid and at the end of the term,
50% of the sum assured would be paid along with the bonuses accumulated
throughout the duration of the term
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In case of an untoward event prior to the completion of the policy term, the
sum assured along with all accumulated bonuses would be paid irrespective of
the payouts previously taken.
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Suhail is 30 years old. It is 3 years after his marriage. He would like to
change his car in another four years, he would like to gift his son Ali a
decent amount when he passes his tenth grade (for which there are eight more
years). By the time Suhail is 42 (12 years from now) he would like to buy his
own house. He would also like to offer protection to his family during this
time. So basically Suhail would like to have amounts at the end of the 4th, 8th
and 12th year from now. Suhail therefore decides to take a Money Back Plan from
National life for RO. 12000/ for a period of 12 years.
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What are the benefits Ali has assured through this plan?
A: Ali will get the following benefits:
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After 4 years
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RO 3000
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Maturity Benefits
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After 8 years
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RO 3000
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After 12 years
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RO 6000 +bonus = RO.4320*
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Suhail unfortunately
passes away after 9 years of the start
of the plan.
Q: How does this plan protect the
family needs now?
A: Suhail's family immediately receives
the sum assured of RO 12000/-
Q: What happens to the amounts already
claimed after the 4th and 8th years?
A: They are not considered - the entire
sum assured of 12000/- is paid to
Suhail
Q: Will Suhail's family get any further
benefits?
Bonuses for the entire term for which
the premiums were paid would be paid
to Suhail's beneficiaries.
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