Benefits

 

 

Death Benefit

In the unfortunate event of demise of the Life Insured during the Policy Term while the policy is in-force, the Company will pay lump sum benefit equal to Sum Assured on Death.

Where Sum Assured on Death will be highest of

  • 11 times the Annualised Premium# (or)
  • 105% of all the premiums paid * till date of death (or)
  • Maturity Sum Assured =  (One Annual Payout (multiplied by)  Lump Sum Factor for annual payout) (plus) Saving booster (multiplied by) Lump Sum Factor for savings booster) (or)
  • Guaranteed amount assured to be paid on death, which is the Base Sum Assured.

Lump Sum Factor for Annual Payout:

Premium Payment Term

8

10

12

Factor

5.57

6.46

7.22

 

Lump Sum Factor for Savings Booster:

Premium Payment Term

8

10

12

Factor

0.51

0.43

0.36

 

Policy will terminate after the payment of Death Benefit.

 

Maturity Benefit

On Survival of the Life Insured till the end of the policy term and provided all due premiums have been paid, you will receive the following benefits:

  1. Annual Payouts during the Payout Period, plus
  2. Savings Booster with last Annual Payout installment

Where Annual Payouts will be 150% or 175% of Annualised Premium#, based on Premium Payment Term and Savings Booster is Annualised Premium# multiplied by Savings Booster Multiple.

 

In the unfortunate event of death of Life Insured during the Payout Period, the beneficiary will continue to receive the outstanding Annual Payouts and Savings Booster when due.

 

The beneficiary would have the option to take lump sum amount which will be discounted value of remaining Annual Payouts (if any) and Savings Booster at 8.85% per annum.

 

Maturity Benefit payable on the basis of different Premium Payment Terms

Premium Payment Term of 8 Years

Annual Payouts8 annual installments of 150% of Annualised Premium# from the end of 14th year to 21st year

Savings Boosterat the end of 21st year based on your entry age and premium band

 

Premium Payment Term of 10 Years

Annual Payouts10 annual installments of 175% of Annualised Premium# from the end of 14th year to 23rd year

Savings Boosterat the end of 23rd year based on your entry age and premium band

 

Premium Payment Term of 12 Years

Annual Payouts12 annual installments of 175% of Annualised Premium# from the end of 14th year to 25th year

Savings Boosterat the end of 25th year based on your entry age and premium band

 

Sample Savings Booster Multiple (SBM) for Male Lives                    

Entry Age/PPT

Band 1

8

10

12

30

4.59

3.47

4.13

40

4.41

3.22

3.77

50

3.75

2.33

2.52

60

2.24

0.72

0.16

Entry Age/PPT

Band 2

8

10

12

30

5.37

4.38

5.18

40

5.20

4.12

4.81

50

4.58

3.23

3.56

60

3.22

1.60

1.26

Entry Age/PPT

Band 3

8

10

12

30

5.80

4.89

5.77

40

5.63

4.63

5.40

50

5.05

3.72

4.15

60

3.73

2.08

1.84

 

Sample Savings Booster Multiple (SBM) for Female Lives

Entry Age/PPT

Band 1

8

10

12

30

4.60

3.49

4.15

40

4.47

3.31

3.88

50

3.93

2.57

2.86

60

2.68

1.14

0.78

Entry

Age/PPT

Band 2

8

10

12

30

5.38

4.40

5.20

40

5.26

4.21

4.93

50

4.76

3.46

3.89

60

3.59

2.01

1.85

Entry Age/PPT

Band 3

8

10

12

30

5.81

4.91

5.79

40

5.69

4.72

5.52

50

5.21

3.97

4.48

60

4.09

2.50

2.44

Please refer to Company Website for Savings Booster Multiple (SBM) table.

#Annualised Premium shall be the Premium payable in a Policy Year, excluding any premium towards underwriting extra, loadings for modal premium and taxes, if any

 

Option to receive Maturity Benefits in Lump sum

You have an option to receive maturity benefit i.e. the annual payouts along with the Savings Booster as a lump sum amount by making a written request to the Company at least 6 months before Maturity Date. Lump sum amount in such case will be equal to the Maturity Sum Assured.