Benefits

 

Annual Guaranteed Additions

During the Policy Term, a Policy will be eligible for Annual Guaranteed Addition provided the Policy is in force. Annual Guaranteed Addition will be expressed as a percentage of cumulative Annualized Premium paid and is dependent on the Premium band. The following bands are based on Annualized Premium# paid:

 

Premium Band

Annualized Premium#

Premium Paying Term

Band

From

To

7 Years

8 Years

10 Years

Band 1

24,000

36,000

5.75%

6.25%

6.75%

Band 2

36,001

60,000

6.25%

6.75%

7.25%

Band 3

60,001

120,000

6.75%

7.25%

7.75%

Band 4

120,001

and onwards

7.25%

7.75%

8.25%

 

Maturity benefit

On Survival of Life Insured to Maturity date, Base Sum Assured plus Accrued Annual Guaranteed Additions will become payable.

The maturity benefit would at least be equal to the total premium paid for all age/PPT/premium combinations. Premium paid for this purpose will be the total premiums paid till date exclusive of any underwriting extras, if any.

 

Death benefit

In case of unfortunate demise of the Life Insured during the Policy Term while the policy is inforce, the Company will pay lump sum benefit equal to Death Sum Assured and Accrued Annual Guaranteed Additions,

Where Death Sum Assured will be highest of

  • 11 times of Annualized Premium# OR

  • Guaranteed Sum Assured on Maturity OR

  • 105% of all the premiums (excluding underwriting extra Premium, if any) paid till the date of death OR

  • Absolute amount assured to be paid on death which is equal to Base Sum Assured

Guaranteed Sum Assured on Maturity is equal to Base Sum Assured

#Annualized Premium shall be the Premium payable in a Policy Year chosen by the Policyholder, excluding the underwriting extra Premium and loadings for modal Premium, if any

 

Income Benefit Option

For an additional premium along with regular premium, customer can augment the death benefit by opting for ‘Income Benefit’ feature. In case customer has opted for Income Benefit option then in case of Death, following additional Benefits will become payable:

  1. 2% of Base Sum Assured as monthly income from date of death till completion of Policy Term;

  2. 50 times of Monthly Income payable as lump sum on scheduled Maturity.

The additional premium payable towards Income Benefit option will not be eligible for Annual Guaranteed Additions.

 

Tax Benefit

Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details

 

Loan Availability

The policyholder can avail a loan against the policy after it acquires Surrender Value, up to 75% of the Surrender Value. The rate of interest applicable on the loan will be declared by the Company on an annual basis at the beginning of every financial year.