Provided all due premiums are paid in full, upon survival of the Life Insured till the end of the Policy Term, You shall receive Guaranteed Income Benefit in arrears from the end of the Policy Term for the chosen income period along with Guaranteed Lumpsum Benefit at the end of income period.
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Guaranteed Income Benefit: Expressed as a percentage of Annualized Premium varying basis age at entry, PPT, PT, Income Period, gender and Premium Band.
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Guaranteed Lumpsum Benefit: Along with the last Income payout, you shall receive a Guaranteed Lumpsum Benefit, which is expressed as a percentage of Total Premiums paid (excluding modal loading)* as shown in the table below.
|
Premium Payment Term |
5 |
6 |
7 |
8 |
9 |
10 |
11 |
12 |
|
Guaranteed Lumpsum Benefit (% of Total Premiums Paid) |
110% |
110% |
120% |
120% |
130% |
130% |
150% |
150% |
On the maturity date, the policyholder shall have an option to receive the Guaranteed Sum Assured on Maturity, which under these options shall be present value of the future payouts, discounted at a rate of 8.50% p.a. This rate is not guaranteed, however, any change shall be subject to IRDAI’s approval and shall be applicable to policies sold after the date of change.
At any time during the income period, the policyholder/nominee shall have an option to receive a lumpsum value instead of the future payouts which shall be the present value of the future payouts, discounted at the then prevailing 30yr Gsec rate + 2%.
In the unfortunate event of death of the Life Insured during the Policy Term while the policy is in-force on the date of death, the beneficiary shall receive the death benefit which shall be highest of:
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Sum Assured on Death^ (or)
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105% of the Total Premiums paid* till the date of death for Regular/ Limited Pay Policies(or)
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Surrender Value as on date of death$
Upon the payment of death benefit, the policy shall terminate and no further benefits shall be payable.
#Annualized premium shall be the premium payable in a policy year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any. Total Annualized Premiums payable is the sum total of annualized premium for the entire premium payment term as per the policy contract.
*Total Premiums paid means total of all the premiums received, excluding any underwriting extra, any rider premium and taxes.
$For the purpose of death benefit calculations, SSV factors, applicable at inception of the policy, are guaranteed throughout the policy term and would not change for existing business
^Sum Assured on Death is defined as 11 times Annualized Premium in case of Limited/Regular Pay and 1.25 times Single Premium in case of Single Pay