Probaho Pension Plan

After working all your life this policy gives you much needed financial support during post retirement. The policy holder can enjoy the benefit as monthly payment in the form of pension. The premium payment would be waived for the remaining term of the policy you become permanently disabled due to illness or accident during the term of the policy. If case of unfortunate loss of life before the commencement of pension payment, the nominee will get the full sum assured. If you die during the pension payment term, your nominated beneficiary will get the remaining amount of the Sum Assured. If you survive the pension payment term, you will keep getting the pension at usual rate until death.

Features

The principle objective of this plan is to provide financial support for post-retirement life.
The sum assured will be equivalent to the ten times of the annual pension payable over 10 years of pension payment term.
Upon the survival of the policy holder at the end of the pension payment term, he or she will receive pension until death.
If the policyholder dies before the commencement of the pension, the nominated beneficiary will get the sum assured either in the form of lump sum payment or as pension depending on the preference of the nominee.
If the policy holder become permanently disable during the term of the policy, he or she would not have to pay any more premium but the policy will remain in-force.
50% of pension may be surrendered in lieu of cash benefit at the commencement of pension or within the first year of pension.

Eligibility

Entry Age: Minimum 18 years to maximum 50 years
Exit Age: At maturity, age of the policyholder can’t exceed 60 years.
The policy applicant must have own, valid & regular income.

Parameters

Tenor/Term: 10 or 20 Years
Premium Mode: Monthly, Quarterly, Half-yearly & Yearly
Minimum installment is BDT 5000

Policy Benefit

At Maturity:
- Upon maturity of the plan or at the retirement age [set by the policyholder], the policyholder will get the set monthly pension for his/her whole life.
At Death:
- : If the policyholder dies while the plan is in force before the expiry of the insurance plan, the policyholder’s nominee will be paid 10 [Ten] times the set annual pension.
- Pension Recipient: If the pension recipient dies within the first 10 [Ten] years of the pension period, the monthly pension will be paid to the nominee of the pension recipient for the outstanding period; the outstanding period being the time remaining from the completion of the first 10 [Ten] year tenure.
Loan Facility: Up to 90% of the net cash surrender/surrender value can be taken as insurance-loan.
Income Tax Rebate: The insured customer will get an income tax rebate on the premium paid as per the income tax policy of the government. Insurance claim money is completely tax free.