Benefits

 

Maturity Benefit

On survival of the life assured to maturity, provided the policy is in force for full policy benefits, the Company will pay the Policyholder an amount equal to the Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) PLUS Accrued Annual Guaranteed Additions.

 

Death Benefit

On unfortunate demise of the life insured during the policy term, Death Sum Assured along with Accrued Annual Guaranteed Additions will be payable, subject to the policy being in-force.

 

Death Sum Assured paid will depend on the age at start of the policy and will be calculated as follows:

 

Age at entry less than 45 years:

Highest of:

A. Immediate Benefit of 100% of the Base Sum Assured payable at the time of death PLUS

Monthly Recurring Benefit of 2% of the Base Sum Assured payable every month from the month of death to the end of the policy term subject to a minimum of 36 monthly payments even if this requires payments after the policy term is over PLUS

Final Benefit of Guaranteed Maturity Multiple (GMM) × Base Sum Assured payable on the scheduled maturity date OR

B. 10 times the Annualized Premium* OR

C. Base Sum Assured x GMM factor OR

D. 105% of the premium paid

 

Age at entry 45 years and higher:

Highest of:

A. Immediate Benefit of 100% of the Base Sum Assured payable at the time of death PLUS

Monthly Recurring benefit of 2% of the Base Sum Assured payable every month from the month of death to the end of the policy term subject to a minimum of 36 monthly payments even if this requires payments after the policy term is over PLUS

Final Benefit of Guaranteed Maturity Multiple (GMM) × Base Sum Assured payable on the scheduled maturity date OR

B. 7 times the Annualized Premium* OR

C. Base Sum Assured x GMM factor OR

D. 105% of the premium paid

The Annualized 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.

 

Guaranteed Maturity Multiple (GMM)

Guaranteed Maturity Multiple is the factor applied to Base Sum Assured or Paid Up Sum Assured, for the purpose of calculating the benefit payable on the Maturity Date. This factor is dependent upon the Policy Term chosen.

 

Policy Term (Yrs)

10

15

20

GMM Factor

150%

175%

200%

 

Annual Guaranteed Addition (AGA)

Annual Guaranteed Addition will accrue to the Policy at the end of each completed Policy Year. The Annual Guaranteed Addition will increase after every 3 policy years. The rates of addition are given below for each option of Policy Term.

 

Policy Term (yrs)

Policy Year

 

1, 2 & 3

4,5 & 6

7,8 & 9

10

10

30

40

50

60

15

30

40

50

60

20

30

40

50

60

 

Policy Term (yrs)

Policy Year

 

11& 12

13,14 & 15

16,17 & 18

19 & 20

10

       

15

60

70

   

20

60

70

80

90

Note: Annual Guaranteed Additions are expressed as per 1000 of Base Sum Assured