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WorksheetsSSK
Total questions: 10
Worksheet time: 18mins
Mr. Shankar is due to retire in 5 years and wants a plan that will give him a regular income after retirement. He also wants to leave an income for his unmarried daughter in case of his demise. Which option of Sanchay Plus is best suited to his needs? Select the correct answer from the list below.
Pension Guaranteed Plan
New Immediate Annuity
Long term income option
Life Long Income Option
Mr. Ahmed purchased the Sanchay Plus plan with Guaranteed Income Option 10 years pay. On maturity how will he receive the benefits? Select the correct answer from the list below.
As a guaranteed income from the 12th year to the 21st year in arrears, with option to take future payouts as a lump sum
As a guaranteed income from the 11th year to the 21st year in arrears, with option to take future payouts as a lump sum
As a guaranteed income from 12th year to 25th year in arrears, with option to take future payouts as a lump sum
As a lump sum amount at the end of the 11th year
Mr. Sundaram purchased Sanchay Plus with the Life Long Income Option with 5 year pay. The policy matured and he was receiving annual payouts. During the 14th payout year he fell ill and passed away. His wife was the nominee in the policy. What benefit will she receive under the policy?
The sum assured on death
The guaranteed income till the end of the payout period, and a return of premium at the end of the payout period, with the option to take the future payouts as a lump sum
The guaranteed income payout for the next 30 years
No benefit, as the payouts will stop on the death of the life assured
Mr. Samuel has purchased a Sanchay Plus plan - Guaranteed Income option 10 year pay. Unfortunately he died in the second year. What will be the death benefit paid to the nominee?
HIgher of (10 times of Annual Premium or 105% of premiums paid or Premiums paid compounded at 5% or Guaranteed Sum Assured on Maturity or Age based SA) and the policy terminates.
HIgher of (10 times of Annual Premium or 105% of premiums paid or Premiums paid compounded at 5% or Guaranteed Sum Assured on Maturity or Age based SA) and the policy continues
Payouts will be paid to the nominee
Nothing will be paid
Dr. Chellappa has purchases a Sanchay Plus plan with Critical Illness Rider. What benefit will be paid on this rider
A lump sum equal to the sum assured payable on diagnosis of 10 critical illnesses on survival for 30 days following diagnosis
A lump sum equal to the sum assured payable on diagnosis of 15 critical illnesses on survival for 60 days following diagnosis
Double Sum assured (Basic SA and Rider SA) will be paid
A lump sum rider sum assured payable on diagnosis of 19 critical illnesses on survival for 30 days following diagnosis
Mrs. Diana purchased Sanchay Plus with the Long Term Income Option. After the policy matured, he was receiving the payouts annually. Five years later he wanted to receive the payouts on a monthly basis to supplement his monthly income. Can he do so?
No, as payout frequency chosen at inception cannot be changed under this plan
Yes, as income for frequencies other than annual, is allowed under this plan
The only option available is to convert the future payouts into lump sum
For Female LA, the option is not available
You are pitching Sanchay Plus to a walk in customer in the bank. On which plan option/s of Sanchay Plus will you receive enhanced maturity/income benefits if you pay an annual premium of more than Rs. 1.5 lakhs?
Guaranteed Income Option
Life Long Income Option (10 year pay)
Life long Income Option (5 year pay)
It is available in all options
How a Sanchay Plus over rides FD (Multiple answers)
Life cover available
FD will have tax effect on maturity
Sanchay ensures disciplinary savings
FD rates are fluctuating
Mr. Chandran aged 55 has taken a Sanchay Plus Plan with Guaranteed Income Option 10 year pay. Annual premium is 100000. What will be payout he receives after 11th year.
Rs. 190000
Rs. 200000
Rs. 210000
Rs. 105000
Dr. Bhuvaneswari had taken a Sanchay Plus plan, Life Long Income Option and had question tax implications on the payout. Select the correct answer
Being a Female professional, the payouts are taxable
Being a Female professionals, the payouts are not taxable, but the lump sum which she receives will be taxable
Sec. 10 (10D) applies
The payouts are treated as income and all the payouts are taxable
