Death Benefit:

In case of an unfortunate demise of the Life Insured during the Policy Term, nominee shall receive Death Benefit which is higher of

  • Sum Assured (reduced by applicable partial withdrawal) or
  • Fund Value or
  • 105% of Single Premium

The Sum Assured will be reduced by the partial withdrawals as follows:

Before the life insured attains the age of 60 years: In case of death during two years immediately after partial withdrawal, the benefit payable on death will get reduced by the amount of the partial withdrawal. If death occurs after two years of partial withdrawal, there will be no reduction in the Sum assured.

After the life insured attains the age of 60 years: All the partial withdrawals made within two years before attaining age 60 and any partial withdrawal thereafter shall be reduced from the benefit payable on death.


Maturity Benefit

On survival of the Life Insured till maturity date, Fund Value will be paid to you.

Death cover chosen will cease on Maturity.


Surrender Benefit

 A Policy issued under this plan will acquire Surrender Value on payment of Single Premium.   However no Surrender Value will be payable during the Lock-in Period which is a period of 5 consecutive Policy years from the date of commencement of the Policy.


The surrender value will be the value of units less discontinuance (or surrender) charges. There are no discontinuance charges from 5th year onwards.


Wealth Additions

Wealth Additions as a percentage of average fund value of preceding 36 monthiversaries, would be allocated as extra units at the end of each policy year, starting from first Policy year itself to your unit account if they fall within the Policy Term provided the policy is inforce. For duration less than 3 Policy years, average fund value since inception till date of allocation of Wealth Additions, at preceding monthiversaries will be taken.

Policy Year

Wealth Additions

[1] to [5]


[6] and onwards



Wealth Boosters

Wealth Booster of 1.5% of average fund value of preceding 36 monthiversaries would be allocated to the your unit account at the end of specified Policy years, if they fall within the Policy Term, provided the policy is in force.


Policy Year

Wealth Boosters








Choice of Investment Strategies

At inception, you can only chose one of the below mentioned investment strategies:

  • Defined Portfolio Strategy; or
  • Life Stage Portfolio Strategy

Once opted in, the investment strategy will continue throughout the policy term. You cannot switch from one investment strategy to another during the policy term.


Defined Portfolio Strategy

Under this option, you can opt to invest in any of the funds as available (except DPF or Liquid Fund) in proportions of your choice. Within the Defined Portfolio strategy, you also have an option to select Systematic Transfer Plan option (STP) and/or Fund Conservation Option for which Liquid Fund will be made available to you.


Investment objective

Asset Allocation

Debt fund

(SFIN: ULIF00127/08/08FIXEDIFUND140)

To generate steady return at lower risk by investing in a range of debt securities.

Government securities: 50% to 100%

Corporate bonds: 0% to 50%

Money Market/cash: 0% to 40%

Balance Fund

(SFIN: ULIF00227/08/08BALANCFUND140)

To generate balance return by investing in debt securities to provide stability and by investing in equities to provide potential to enhance the return through capital appreciation.

Equity:  10% to 50%

Government securities: 20% to 50%

Corporate bonds: 0% to 50%

Money Market/cash: 0% to 40%

Growth Fund

(SFIN: ULIF00327/08/08GROWTHFUND140)

To generate higher return through capital appreciation in long term by investing in a diversified portfolio of equities. Debt investment will provide some stability and diversification.

Equity:  40% to 80%

Government securities:10% to 30%

Corporate bonds: 0% to 30%

Money Market/cash: 0% to 40%

Large Cap Equity Fund

(SFIN: ULIF00427/08/08LARCAPFUND140)

To generate higher return through capital appreciation in long term from a portfolio invested predominantly in large cap equities.

Equity:  60% to 100%

Money Market/cash: 0% to 40%

Multi Cap Opportunities Fund

(SFIN: ULIF01106/02/18MULCAPOPPO140)

To generate capital appreciation for policyholders by dynamically investing across assets to capitalize on changing market conditions. The scheme aims to invest primarily in equities and to mitigate market volatility, in fixed income securities, including money market instruments. The investments will be market capitalization agnostic and will focus on growth oriented opportunities.

Equity: 50%-100%

Govt. Securities, Corporate Bonds: 0%-30%,

Money Market Instruments/Cash: 0%-50%



You have an option to choose from five funds to invest your money in. You can look at the investment objectives of each of our funds and match those with your investment goals and then decide the proportion of money you would like to invest in any of them. If you are opting for more than one fund, the minimum investment in any fund should be at least 10% of the Single Premium paid. The funds

and fund objectives are as follows:

Liquid Fund will be available to you only through STP. Investment objective of Liquid Fund is as under.


Investment objectives

Asset Allocation

Liquid Fund

(SFIN: ULIF00920/01/11LIQUIDFUND140)

To generate steady return at lower risk by investing in a range of short-term debt/liquid money market securities

T-Bill/Money Market/Cash: 100%


In addition to above fund an additional fund will be maintained for discontinued policies with the following asset allocation and SFIN.


Asset Allocation


Discontinued Policy Fund

Government Securities: 60% to 100%

Money Market/cash: 0% to 40%

(SFIN: ULIF01024/02/11DISCONFUND140)

The minimum guaranteed rate of interest applicable to Discontinued Policy Fund will be specified by the IRDA of India from time to time. The current minimum guaranteed rate applicable to Discontinued Policy Fund is 4% per annum.


Systematic Transfer Plan

With STP, you can invest a specific amount in a regular fashion at monthly intervals. This gives you the advantage of rupee cost averaging. You buy more units when markets are down and fewer units when markets are up, thereby reducing the average cost of purchase of units in the funds selected by you.

You have the option to choose STP option for 12 or 24 months.


How STP Works

In case of STP, the Single premium (net of allocation charges) will be first allocated to Liquid fund, and then at the beginning of each policy month (monthiversary), a portion will be systematically switched to the funds chosen by you at inception. Every month 1/N of units will be transferred from Liquid fund to other funds as per the fund allocation proportion chosen by you; where N = number of months remaining under the STP scheme. You will have an option to choose STP for 12/24 months only.


For e.g.: A Policyholder chooses the STP option with premium allocation of 20% in Debt Fund and 80% in Growth Fund for STP of 12 months. Then for the first month 1/12 * 20% of units in Liquid fund will be switched to Debt Fund and 1/12 * 80% of units in Liquid Fund will be switched to Growth Fund. This transfer will happen after the deduction of all the charges for that monthiversary. For second month 1/11 * 20% of units in Liquid fund will be switched to Debt Fund and 1/11 * 80% of units in Liquid Fund will be switched to Growth Fund and so on each policy year.


If you are opting for more than one fund, the minimum investment in any fund should be at least 10% of the Single premium paid.


Life Stage Portfolio Strategy

Considering the ever changing financial needs as per the different life milestones, we offer a life stage based investment strategy wherein the investments are distributed between Multi Cap Opportunities Fund and Debt Fund with their proportions varying as defined in table below. As and when the next milestone is achieved, the funds will be re-distributed according to the attained age (age bands) of Life Insured as given in following table.

Age of Life Insured

(last birthday last policy anniversary)

Debt Fund

Multi Cap Opportunities Fund

Up to 25



26 – 30



31 – 35



36 – 40



41 – 45



46 – 50



51 – 55



56 & Above




On a quarterly basis, the strategy shall be reviewed and rebalanced, if necessary, to achieve above proportions. The rebalancing will be done on the first day of each quarter of the financial year except for the last 12 months of the policy. If the first day is a non valuation date then the next working day’s NAV will be applicable.


In the last 12 months, the remaining investments from Multi Cap Opportunities Fund will be systematically transferred to the liquid fund in 12 installments.

Flexibility available in the plan  


Switching option

Within Defined Portfolio Strategy, you can switch your investments within the available funds, depending on your financial priorities and investment decision. Four switches in a policy year are free of cost and any subsequent switch in the year will be charged a fee of INR 250 per switch. There is no restriction on number of switches during entire policy term. No switching charge will be levied for switching from Liquid Fund to the chosen Funds in case STP is opted for.

The minimum switch amount is Rs. 5000 unless 100% of the fund is switched.


Switching between the funds will not be allowed in case Policyholder has opted for Life Stage Portfolio strategy


Partial withdrawals

To manage any unexpected need for money or for any exigency, partial withdrawals can be made from your investment account after 5 Policy years from the date of Policy commencement provided monies are not in DPF. The total amount of partial withdrawals in a policy year cannot exceed 20% of fund value as at the beginning of the policy year in which partial withdrawal is made. After making a partial withdrawal, you will have to wait for two years from the date of previous partial withdrawal to avail next partial withdrawal. A total of 5 partial withdrawals are allowed during the entire term of the contract. The minimum withdrawal amount is Rs. 10,000


Partial withdrawal is not allowed until the minor life insured, if applicable attains majority i.e. on or after the attainment of age 18.


Partial withdrawal will not be allowed in case doing so would lead the contract to terminate.


Fund Conservation Option at Maturity

Within Defined Portfolio Strategy the Company will give you an option to preserve your fund value towards the end of your Policy, when your investments are due to be paid back. You should notify the Company 30 days before the start of the last policy year when the right to exercise this option becomes available.

For example:

Policy Issuance Date: 1st Jan 2019,

Policy Term: 10 years

Last Policy year Starts from: 1st Jan 2028.

The Policyholder has an option to inform the Company 30 days before 1st Jan 2028, i.e. any time before 2nd Dec 2027.

All your investments are systematically transferred from Debt Fund, Balance fund, Growth fund, Large Cap Equity fund, Multi Cap Opportunities Fund to Liquid Fund in the last 12 months of the Policy. Every month 1/N of the units will be transferred from chosen fund/s to Liquid fund.

Where, N= Number of months remaining under the FCO option .


Settlement option

Upon Maturity of the policy, you will have the option, to receive maturity benefit as a structured payout over a period of 1, 2, 3, 4 or 5 years post maturity by availing settlement option. For e.g. if you choose settlement period of 2 years with semi-annual frequency, the first installment will be paid on the Maturity Date, second installment will be paid upon completion of six months from date of maturity and so on.

  • During the period the inherent risk in the underlying investment funds will be borne by the policyholder.
  • The frequency of the periodic payments during settlement option can be annually or semi-annually.
  • The period of settlement shall not in any case be extended beyond a period of five years from the date of maturity.
  • The payments will be made in installments, based on settlement period and frequency of payouts chosen, with the first installment payable on the date of maturity.
  • The Company will continue to deduct the fund management charges and no other charges shall be levied. The units will continue to be invested in the same funds as on date of maturity during settlement period.
  • No switching and partial withdrawals are available during the settlement period.
  • You can take complete withdrawal at any time during the settlement period and no charge will be levied for such withdrawal. The Company would divide the total units available at Maturity by number of installments chosen by the Policyholder and would then redeem these units at specified interval. The value of unit redeemed at each time interval would depend on NAV movement only.
  • You can opt for this option by giving a notice at least 30 days before date of maturity
  • During settlement period, no life cover or other insurance cover will be provided. On death during this period fund value will be paid to the beneficiary.
  • The policy will terminate once the fund value falls below a minimum amount of Rs. 5,000 during settlement period or at the end of settlement period by paying fund value at that time.