Growth Plans

Every dawning day offers a world of infinite opportunities to grow:
our set of long and short-term goals may it be financially, career-wise or from a more personal and introspective point of view.

Having understood the seamless interweaves between all the aspects of growth, ILA has developed tailor-made wealth accumulation plans that both preserve and grow your investment taking you closer to your next milestones of achievement.

Island Wealth

Fixed Income & Protection Plan

An innovative insurance policy which allows you to choose your income level to enjoy your desired lifestyle. This policy is characterised by two distinct phases:
Growth phase - this is when your premiums will grow with interest at Fixed rates
Payment phase - this is when you receive your accumulated wealth on a monthly basis over a predefined term.
Island Wealth Details

Island Assets

This is a very good savings and investment policy. Bonuses (current rate - 3.7% pa) are paid at maturity or on early death
An extra sum assured is payable if death is due to *accident or the insured suffers from *permanent disability. 50% of the sum assured is payable as extra in case of *partial disability. Further in the event of permanent disability, ILA pays the premium and the insured avails of all the benefits. Island Assets Details

Island Plus

A very good investment policy, given its short term and high interest rate. Policy term is 5 years only.
At maturity or on earlier death, the sum assured plus bonuses (current rate 3.7% pa) is payable. An extra cover can be chosen through riders. Island Plus Details

Island Cash

This is a short term cum long term policy. It is short term in the sense that every 4 or 5 years the policyholder gets a cash payout (min of 25% of sum assured); long term to the extent that the life cover is available throughout the policy term.
At maturity or on earlier death, the sum assured plus bonuses (current rate - 4% pa) is payable. An extra sum assured is payable if death is due to *accident or the insured suffers from *permanent disability. 50% of the sum assured is payable as extra in case of *partial disability. Further in the event of permanent disability, ILA pays the premium and the insured avails of all the benefits.
Also, cover can be extended to spouses at minimal cost, ie, in case of death of either lives, the sum assured plus bonus becomes payable. Finally, after 3 years, client can opt for a policy loan or can cancel policy for its cash amount. Island Cash Details

Everything you care for in good hands.

Island Wealth - Fixed Income & Protection Plan

Features

Conditions

Minimum / Maximum age at entry 18 / 70 years (age next birthday)
Maximum age at maturity n/a
Minimum Policy term* 12 years
Maximum Policy term* 25 years
Premium Payment term 6, 10 years
Income term 6, 10, 15 years
Premium pay-Income term (years) 6-6, 6-10, 10-10, 10-15
Premium payment option Single
Sum Assured 100 times of Monthly Income(Level)
Income option
  • Level income or increasing income (at 5% pa simple interest)
  • Commutation of part of the income for an equivalent lump sum, where the income amount reduces proportionately.
Death Cover
  • If death happens during the premium payment term
    • Sum Assured is paid immediately + lump sum (if opted) & monthly income starts to be paid for full duration of Income
  • If death happens during the income term
    • monthly income continues to be paid + Sum Assured is paid immediately
Joint Cover
  • Two lives can be covered under one policy. The death benefit is payable on the first death.
Maximum Age for Death Cover
  • Sum Assured is paid on death during the policy term, provided age at death is below 75years
  • Monthly income is paid till expiry of the income term
Maximum Age for Death Cover
  • Sum Assured is paid on death during the policy term, provided age at death is below 75years
  • Monthly income is paid till expiry of the income term
Loyalty Reward This benefit is payable at the end of the income term and is equal to
  • 18 times the last monthly income for a 12-year policy term
  • 24 times the last monthly income for other policy terms
Benefit Add-Ons Total & Permanent Disability
Minimum Sum Assured (Rs) 100,000
Maximum Sum Assured As per company's guidelines

* Policy Term = Premium Payment Term + Income Term

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Frequently Asked Questions

1. Can the income be accelerated, ie paid before the end of the premium term?

This is possible only in the event of death during the premium payment term.
In such a scenario, the monthly income starts getting paid from next policy anniversary to the beneficiary for the full duration of the income term.

2. Is the income paid at month start or month end?

The income is paid at the end of every month.

3. Must the assured be alive at the end of the income term to receive the loyalty reward?

NO. The loyalty reward is paid at the end of the income term, whether the assured is alive or not.

4. When I opt for a lump sum, my monthly income reduces.

a. Does this reduce the death cover of 100 time’s monthly income?

NO. The death cover is based on the full unreduced monthly income.

b. Does this reduce my loyalty reward?

YES. The loyalty reward is based on the monthly income paid in the last income year.

5. What is payable in the event of policy cancellation?

If you cancel your policy during the premium term after paying 3 years’ worth of premiums, you are eligible for a surrender value equivalent to

Island Asset

Features

  1. Life protection for the term
  2. Maturity benefits to meet children's needs of education and marriage or any other asset creation or expense
  3. Loan option available after 3 years

Conditions

Maturity Benefit Sum Assured + Bonus
Death Benefit Sum Assured + Bonus Accrued till death
Accidental Death Benefit Double Sum Assured + Bonus Accrued till death
Partial Disability 50% of SA paid in 2 yearly installments + Policy continues with all other benefits if future premiums paid by the policyholder
Total & Permanent Disability 100% of SA paid in 2 yearly installment + Future Premiums Waived + All benefits continued with full benefits
Minimum Age at Extry 15 Years
Maximum Age at Maturity 70 Years
Policy Term Minimum 5 Years
Maximum 30 Years
Minimum Sum Assured 50,000
Premium Modes Annual, Semi-Annual, Quarterly, Monthly
Premium Discounts
  • 5% on Annual Mode
  • 2.5 % on Semi-Annual Mode
  • 1% in Quarterly Mode
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Not sure to be rightly?

Island Plus

Features

  1. Alternative to long term Fixed Deposit
  2. Highest Bonus Rates
  3. Liquidity through Loan facility
Maturity Benefit Sum Assured + Bonus
Death Benefit Sum assured + Bonus
Loan Facility Loan upto 90% of the deposit after 1 year
Surrender Benefit
  • Surrender after 3 years
  • Surrender Value - Basic Premium + 3% p.a simple interest
Age at Entry 15 - 65 Years
Minimum Premium 25,000
Premium Modes Single
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Island Cash

Features

12 yr Term 15 yr Term
4th year - 20% of SA 10th year - 25% of SA
8th year - 20% of SA 10th year - 25% of SA
12th year - 60% of SA + Bonus 15th year - 50% of SA + Bonus
20 yr Term 25 yr Term
5th year - 25% of SA 10th year - 25% of SA
10th year - 25% of SA 15th year - 25% of SA
15th year - 25% of SA 20th year - 25% of SA
20th year - 25% of SA + Bonus 25th year - 25% of SA + Bonus
Death Benefit SA plus the Accrued bonus
(survival benefits paid up to the date of death will not be recovered from the death claim amount)
Accidental Death Benefit Double SA + Accrued Bonus
(survival benefits paid up to the date of death will not be recovered from the death claim amount)
Partial Disability 50% of SA paid in 2 yearly instalments + Policy continues with full benefits if future premiums paid by assured
Total & Permanent Disability 100% of SA paid in 2 yearly installments + Future Premiums Waived + Policy continues with full benefits
Age at Entry 15 to (70 - Term) yrs
Maximum Maturity Age 70 Years
Minimum Sum Assured 50,000
Premium Modes Annual, Semi-Annual, Quarterly, Monthly
Premium Discounts
  • 5% on Annual Mode
  • 2.5% on Semi-Annual Mode
  • 1% in Quarterly Mode
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Need reassurance for other life matters?

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