Convertible Whole Life Assurance (Suvidha)

Convertible Whole Life Assurance (Suvidha) Plan - PLI Premium Calculator

About the Convertible Whole Life Assurance (Suvidha) Plan

This plan offers lifelong coverage, with an option to convert to Endowment Assurance Policy after 5 years. In case of death, the sum assured along with accrued bonus is paid to the nominee or legal heir.

Minimum & Maximum age at entry: 19-50 years

Minimum Sum Assured: ₹20,000; Maximum ₹50 lac

Loan facility: After 4 years

Surrender: After 3 years

Bonus Eligibility: Not eligible for bonus if surrendered before 5 years

Conversion: Can be converted into Endowment Assurance Policy after 5 years, not later than 6 years

Last declared Bonus: ₹76 per ₹1000 sum assured per year (for WLA policy if not converted to Endowment Assurance)

On conversion: Bonus of Endowment Assurance will be payable.

Frequently Asked Questions (FAQ)

What is the Convertible Whole Life Assurance (Suvidha) Plan?

This is a life insurance policy that offers lifelong coverage with an option to convert to an Endowment Assurance Policy after 5 years.

How is the bonus paid?

Bonus is calculated annually at ₹76 per ₹1000 sum assured, and it is paid to the policyholder or their legal representatives at the time of claim.

Can I convert this policy to an Endowment Assurance Policy?

Yes, the policy can be converted into an Endowment Assurance Policy after 5 years but not later than 6 years from the policy start date. If not converted, it will continue as a Whole Life Assurance Policy.

Can I surrender the policy?

Yes, you can surrender the policy after 3 years, but the policy will not be eligible for bonus if surrendered before 5 years.

What is the loan facility for this policy?

You can avail of a loan after 4 years of policy duration.