The Hindu Business Line : AMP Sanmar's `Vani Shree Plus'

AMP Sanmar's "Vani Shree Plus" is a loan assurance term cover that returns all the premiums paid on maturity. The sum assured decreases each year as the loan outstanding decreases. If death occurs during the plan term, the sum assured as at the policy anniversary immediately preceding the date of death will be paid out. The premiums are not returned on death. On maturity, however, all premiums paid are returned.

The plan is not eligible for a loan. It offers two additional benefits — Accident Benefit and Critical Illness Benefit. If death is due to an accident, a lump sum is paid out. On permanent and total disablement, one-tenth of the sum assured is paid out for 10 years. All premiums under the scheme are also waived subject to a maximum of Rs 40,000 per annum. On admitting a permanent disablement claim, the accident benefit cover ceases.

In case of maturity or death of the life assured after the commencement of payment of instalments of total and permanent disability benefit, the unpaid instalments, if any, will be paid in one lump sum. The plan acquires a surrender value if three years' premiums have been paid. You can pay premiums at monthly, quarterly, yearly intervals or as a single premium. In case of a single premium, the policy term should be a minimum of five years and a maximum 15 years. The maximum age at entry is 60 and at maturity 65. The sum assured under the Critical Illness Benefit is limited to a maximum of Rs 10 lakh. Under the Accidental Death Benefit Rider, the maximum sum assured is Rs 50 lakh.

The plan is different from other similar plans as it returns the premium paid on maturity.

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