Benefits

 

Type of Benefit

When will the Benefits be paid

Benefits paid

Death Benefit

In case of unfortunate demise of the Life Insured during the first 15 policy years

Death Sum Assured PLUS

Accrued Reversionary Bonus PLUS Final Bonus (if any). The policy will terminate after paying the benefits.

 

In case of unfortunate demise of the Life Insured after completion of the 15th policy year

Death Sum Assured PLUS

Final Bonus (if any).

The Death Sum Assured is defined as maximum of 11 times the Annualised Premium or 50% of the Sum Assured. However, the minimum Death Benefit will be at least equal to 105% multiplied by the total Premium paid as on the date of death.

Survival Benefit

On completion of the 15th policy year

The policyholder will receive Reversionary Bonus accrued during the initial 15 policy years.

Bonus Income

From the end of the 16th policy year onwards every policy anniversary until maturity of the policy or Death, whichever is earlier

The policyholder will be paid bonus declared every year.

Guaranteed Income

From the end of the 16th policy year onwards every policy anniversary until maturity of the policy or Death, whichever is earlier

The policyholder will be entitled to receive annual payouts equal to 6% of the Sum Assured.

Maturity Benefit

At maturity of the policy

50% of the Sum Assured PLUS

Final Bonus (if any).

The Annualised Premium shall be the premium payable in a year chosen by the policyholder, excluding the underwriting extra premium and loadings for modal premium, if any.

 

Bonuses

This is a participating plan that has Compound Reversionary Bonuses that will accrue for the initial 15 years and yearly bonus that will be paid yearly in the form of Bonus Income payable from 16th Policy years and onwards. In addition to this, a Final Bonus may also be declared. The bonuses are not guaranteed and depend upon the performance of the relevant participating fund.