Ordinary Life Insurance
Delta Life offers a wide variety of ordinary life product/plans ranging from the most common endowment type to more modern and sophisticated plans like endowment with open term, pension plan with built in provision for increasing pension, increasing protection with provision for premium refund etc. The plans have been designed keeping in view the diverse and multifaceted needs of the insuring public belonging to different strata of the society. Some of the popular plans are briefly described below.
I. Endowment plan with and without profits:
The most common and widely popular, this plan provides for a fixed sum at end of a particular term or at earlier death of the assured. The plan is available under both options i.e. with profit and without profit. This is a straightforward coverage allowing a person to plan his future needs for security and projected savings through means of insurance.eds for security and projected savings through means of insurance.
II. One-two-three endowment plan with profits
This plan provides for high security at earlier death of the assured before expiry of term (10 & 20 years) or the sum assured at expiry of the term. The plan provides for double the sum assured at premature death due to illness or treble the sum assured if death occurs directly as the result of an accident along with accrued bonuses till death or maturity as the case may be.
III. Installment payment plans with or without profit:
a) Three payments plan Given for terms like 12, 15, 18, 21 years with or without profits this plan provides for one fourth of the sum assured upon expiry of each one third of the term and on death at anytime within the term the full sum assured - payment of one or all the installments notwithstanding. In case of survival to the end of the term remaining portion of the sum assured along with profits is paid after deducting the installments already paid.
b) Bi-annual payment plan is given for 10, 15 & 20 years' term and provides for payment of a portion of sum assured bi-annually after expiry of the 4th year of the policy, if the policyholder is then living.The amount of installment and when payable is shown in the table below:
|Policy Term||Amount of Installment||When Payable||Sum Assured Payable on Maturity|
|10 Years||20%||Upon expiry of 4th, 6th, 8th years||40%|
|15 Years||15%||Upon expiry of 4th, 6th, 8th, 10th 12th years||25%|
|20 Years||10%||Upon expiry of 4th, 6th, 8th, 10th, 12th, 14th, 16th & 18th years||25%|
Notwithstanding the payment of any number of installments, the policyholder remains covered for full risk and on death occurring before maturity, full sum assured is payable.
* The higher numbered table refers to without profit premium rates.
IV. Premium back term Insurance Plan without Profits
These are comparatively low cost plans. These plans provide for payment of sum assured in case of premature death within the term or refund of all premiums paid at end of term. Under Table-59(A), sum assured keeps on increasing at 8% p.a. on each successive policy anniversary and such increased sum is paid at death during the term. On survival up to the end of term, all premium paid during the term is paid. Under Table-65(A) a guaranteed profit equal to 10% of sum assured is paid along with full premium at end of term as survival benefit. On death before maturity, the sum assured is payable.
V. Pension Plan
(Table-72A, 72D) without profits. Under plan (Table-72A) pensions are provided at quarterly intervals from an age designated by the policyholder for life, guaranteed for a minimum period of 10 years i.e. if the pensioner dies anytime within 10 years his designated nominee will get pension for remaining term of 10 years. Before pension starts, if the assured policyholder dies, 10 times the annual pension is paid as a lump-sum to his nominee and the policy is terminated upon such payment. There is another plan (Table-72D) that while providing for full protection against premature death as described above, provides for pension from a designated age as elected by the policyholder at an increasing rate i.e. pension will increase at 10% at intervals of two years. Payment of pension is guaranteed for at least ten years and thereafter as long as the pensioner lives.
Both these pension plans provide for waiver of premium in case of permanent and total disability due to accident before commencement of pension.
VI. Child Educational Protection Plan with Profits
Multiple benefits in the form of scholarships, monthly annuities etc. in addition to sum assured are available under these plans. Under one plan (Table-11) sum assured or a part thereof is also payable to the policyholder in case the child dies prematurely.
VII. Tri-dimensional Policy
Built-in benefits for payment of 50% sum assured immediately if critical illness is diagnosed. Premium and the sum assured will thereafter be halved and the policy continues. Under this plan, a spouse may also be covered for major disease benefits.
VIII. Moving Term Plan
Policies under the plan are initially issued and is to be taken for a minimum term (6 to 10 years) as elected by policy holder. Any time within this minimum term if death occurs, full sum assured is payable. At the expiry of the minimum term, the policy may be surrendered for full refund of premiums paid. However, the policyholder need not terminate his policy at end of the minimum specified period. The policy will automatically continue till age 65 years of the policyholder unless he terminates it earlier. The survival benefit comprises of refund of all premiums paid along with bonuses. In case of premature death the nominee(s) is paid the sum assured plus all premiums paid till death, or all premiums paid with profit accrued till death whichever is greater.
IX. Single Premium Multiple Security Plan
It is a single Premium Policy offering multiple security for five years term. It covers natural death, permanent and partial/total disability and seven major diseases. Premiums are based on the age of the proposer. This plan perfectly suits the needs of the executive class.
- Surrender Value: After payment of two full years' premium, the policy acquires cash surrender value which is quoted on request unless stated in the policy itself.
- Loan: At any time after a cash surrender value is available under the policy and while the policy is in force, the policyholder may obtain, subject to the company's existing rules, a loan on the policy up to 90% of the cash surrender value.
- Age Proof: Age of life assured as declared while applying for the policy has to be authenticated with an age proof document acceptable to the company. The company reserves the right to require proof of age of the life assured before paying any claim under the policy if not admitted earlier.
- Settlement Option:Payee may elect to receive the proceeds of the policy in installments instead of in a single sum, in such a manner as may be agreed upon with the company.
- Suicide: Should the life assured commit suicide, whether the assured be then sane or insane, within two years from the commencement date or from reinstatement of the policy, then the liability of the company shall be limited to the refund of all premiums paid under the policy less indebtedness, if any, at the time of such death.
Delta Life pays attractive bonuses to its with-profit policies. The present rate of policy bonuses are as following:
a) A compound reversionary bonus @ 5% of paid up sum assured. This bonus is not paid on the installments withdrawn (under Table-03, 04) from the date of such withdrawal.
b) A simple reversionary bonus ranging from Tk. 10 to Tk. 15 per thousand sum assured per year depending on term.
c) A terminal bonus equal to 12% to 15% of sum assured at maturity of policy depending on terms if the policy would have been in force for at least 4/5th of its term.
Average Rate of Bonus
On the basis of the three types of bonuses, the Company now pays bonus on Tk. 100,000 Sum Assured for with-profit endowment products according to the following chart
|Term of Policy||Total Bonus at Maturity||Average Rate per Thousand Sum Assured per year|
|10 Years||Tk. 54,068||Tk. 54.068|
|15 Years||Tk. 84,050||Tk. 56.033|
|20 Years||Tk. 1,18596||Tk. 59.298|
The above mentioned rate is not applicable for all products. Please contact your nearest Service Center for more information on vested bonus for your policy