However, if you survive the term of the policy i.e., you attain the age of 99, the policy pays the entire sum assured to you. After retirement, the plan will pay the benefit even in case of natural death. The term insurance plan will cover your family in case of your early demise during your working years, like the standard term insurance plan. Consider these features while looking for term life insurance policies, to buy the smart term plan available.įor example, you purchase a Rs 1 crore term insurance plan under whole life and choose “pay till 60 option”.
With iSelect Star Term Plan this option is called ‘pay till 60’ option. This will allow you to keep your pension from the burden of term insurance cover. The best of whole life term plans allow you to limit your premium payment term till the age of 60. Thus, benefit payout from this term life insurance plan is almost certain. The unique feature of the whole life plan is that the cover continues till the age of 99. In case the subscriber wants to exit the scheme before attaining the age of 60 years, he/she will not receive any co-contributed amount by the government as well as the applicable interest on the amount Otherwise, the Canara APY can only be withdrawn only in event of demise or terminal illness of the subscriber.Whole life term plan allows you to use your term cover as a tool of wealth transfer to the next generation. Exiting the scheme before attaining the age of 60 years: In case of the demise of both the subscriber and the spouse, the pension amount is paid to the declared beneficiary of the scheme. In the event of the unfortunate demise of the scheme holder, the monthly pension is paid to his/her spouse. After exiting the policy the pension is paid out to the scheme holder on monthly basis, as per the contribution made by them. The subscriber can exit the scheme once they attain the age of 60 years. Withdrawals from the Canara Bank Atal Pension Yojana Scheme can be made in case: The subscriber reaches the age of 60 years: Withdrawal Options of Atal Pension Yojana
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How to Join Canara Bank Atal Pension Yojana?Īn individual can apply for Atal Pension Yojana from any Canara Bank Branch. The benefit of fixed pension is guaranteed by the government.The entry age of the scheme ranges from a minimum of 18 years to a maximum of 40 years.The minimum period of contribution to the APY is 20 years.The pension a mount depends on the amount of contribution made by the subscriber towards the scheme.
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