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 shall be at least equal to 105% multiplied by the total Premiums paid (excluding underwriting extra Premium, if any) as on date of death.
#The Annualized Premium shall be the Premium payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, 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 may 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.