Benefits

 

Death Benefit

On unfortunate demise of the Life Insured during the Policy Term subject to Policy being in-force for full risk benefits, the Company will pay Death Sum Assured plus Accrued Maturity Additions, if any.

 

Death Sum Assured is defined as:

  • If Life Insured age at entry is less than 45 years

    Higher of Base Sum Assured or

    11 times of Annualized Premium# or

    Maturity Sum Assured

  • If Life Insured age at entry is greater than or equal to 45 years

    Higher of Base Sum Assured or

    7 times of Annualized Premium# or

    Maturity Sum Assured

 

Maturity Sum Assured is equal to Base Sum Assured.

 

The Death Sum Assured will be at least equal to 105% multiplied by Premiums paid (excluding underwriting extra Premium, if any) as on date of death.

 

#The Annualized Premium will be the Premium payable in a year chosen by the Policyholder, excluding the underwriting extra Premium and loadings for modal Premium, if any

 

Maturity Benefit

At maturity of the policy, the policyholder will receive Maturity Sum Assured plus Maturity additions.

 

Maturity Additions

The Maturity Additions (MA) will accrue at the end of the respective Policy years as defined in the table below, provided the Policy is in force for full benefits at that time.

 

Maturity Addition per 1000 of Base Sum Assured is as follows:

Completed Policy Year

Policy Term

10

12

15

16

18

20

22

24

9

100

0

0

0

0

0

0

0

10

100

0

0

0

0

0

0

0

11

NA

120

0

0

0

0

0

0

12

NA

120

0

0

0

0

0

0

13

NA

NA

150

0

0

0

0

0

14

NA

NA

150

160

0

0

0

0

15

NA

NA

150

160

0

0

0

0

16

NA

NA

NA

160

180

0

0

0

17

NA

NA

NA

NA

180

200

0

0

18

NA

NA

NA

NA

180

200

0

0

19

NA

NA

NA

NA

NA

200

220

0

20

NA

NA

NA

NA

NA

200

220

0

21

NA

NA

NA

NA

NA

NA

220

240

22

NA

NA

NA

NA

NA

NA

220

240

23

NA

NA

NA

NA

NA

NA

NA

240

24

NA

NA

NA

NA

NA

NA

NA

240

 

Automatic Cover Continuance

In case the Premium for the three Policy Years have been paid in full and any subsequent Premium installment is not paid, the risk cover for full Death Benefit will continue for a period of one successive year (Auto Cover Continuation Period) from the due date of first unpaid Premium even though the policy is in reduced Paid-Up status. If the Life Insured dies during this period, the Company will pay Death Sum Assured as applicable after deducting the Premium due, if any, on date of death.

 

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 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.