Benefits

 

The following benefits will be paid in case of death, survival or maturity, provided the policy is in force for full risk benefits as on the date of benefit payment.

 

Death Benefit: The benefit will be paid on the unfortunate demise of the life insured

  Demise within 5 policy year Demise after 5th policy year till attaining age 65 * Demise after age 65 till age 99*
Basic Death Benefit YES YES YES
Accrued Guaranteed Additions YES YES  
Accrued Reversionary Bonuses plus   YES  
Final Bonus (If any)   YES YES

 

*Age as on last birthday as on last Policy anniversary.

where basic death benefit is:

 

Policy Year Basic Death Benefit (For PPT 15 years) Basic Death Benefit (For PPT 20 years)
1 - 10 Max of (11 * Annual Premium) or Basic Sum Assured Max of (11 * Annual Premium) or Basic Sum Assured
11 – 15 Max of (16 * Annual Premium) or Basic Sum Assured Max of (16 * Annual Premium) or Basic Sum Assured
16 + Max of (16 * Annual Premium) or Basic Sum Assured Max of (22 * Annual Premium) or Basic Sum Assured

 

The Annual premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premiums and loadings for modal premiums, if any

 

Survival Benefit: This benefit will be paid when the life insured attains age 65 years (as on the last birthday)

  • Accrued Reversionary Bonuses
  • Accrued Guaranteed Additions

Maturity Benefit: The benefit will be paid at the end of the policy term i.e. when the life insured attains age 99 years (as on the last birthday)

  • Basic Sum Assured plus
  • Final Bonus, if any

Guaranteed Additions

The Policyholder will be eligible for Guaranteed Additions of 40 per 1000 of Sum Assured for the initial 5 years of the policy (for each completed policy year), and will accrue at the end of the Policy Year. These additions will be paid either on death or on attaining age 65, whichever is earlier.

 

Bonuses payable

The Company will carry out an annual valuation (as per the current IRDA regulations) at the end of each financial year starting from 6th policy year onwards and may declare Compounded reversionary bonuses . In addition to this, Interim and Final Bonuses may also be declared. The Bonuses are not guaranteed and depend upon the performance on the relevant participating fund