State Life Anticipated Endowment Assurance. This is a modified form of endowment assurance and is also called ‘Three Payment Plan’. Besides fulfilling the long-term financial needs, it also helps in meeting the short-term financial exigencies.
State Life Anticipated Endowment Assurance
As the name suggests, the plan offers three payments throughout term of the policy. The plan offers survival benefits equal to 25% of sum insured on completion of 1/3rd and 2/3rd term of the policy. If the policyholder does not withdraw the survival benefits, a very attractive special reversionary bonus is available.
On completion of term of the policy, the remaining 50% sum insured plus accrued bonuses shall be payable. If the life insured expires during term of the policy, sum insured, accrued bonuses,unclaimed survival benefits and special reversionary bonuses are payable.
The plan is suitable for the individuals who have long-term financial needs but also anticipate requirement of money relatively earlier. Three Payment Plan helps fulfilling these short-term financial needs without terminating the actual contract.