On unfortunate demise of the Life Insured during the Policy Term, the Company will pay Death Benefit as Sum of the following:
Where Death Sum Assured would be highest of:
However, the Death Benefit will be at least equal to 105% multiplied by all the Premium paid (excluding underwriting extra, if any) as on date of death.
*The Annualized Premium shall be the Premium payable in a Policy year by the Policyholder, excluding the underwriting extra Premiums and loadings for modal Premiums, if any.
On Survival of the Life Insured to Maturity Date, Base Sum Assured along with Accrued Reversionary Bonus and Final Bonus, if any, would be payable.
What are the Bonuses payable in this Policy?
This is a Participating plan that has Compound Reversionary Bonuses that may accrue during the Policy Term. In addition to this, Interim and Final Bonus may also be paid, subject to Policy being in-force. The bonuses are not guaranteed and depend upon the performance of the relevant participating fund. Any Bonuses declared by the Company during first three Policy years shall vest in the Policy only after the Policy has been in-force for full Policy benefits during three Policy years. However, this condition will not apply to policies resulting in to claims by Death during this period.
Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.
The Policyholder can avail a loan against the Policy after it acquires Surrender Value, up to 80% 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.