Death benefit
Single Life coverage:
In the unfortunate event of death of the Life Insured during the Policy Term, the Death Benefit shall be higher of:
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Sum Assured on Death (or)
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Death Benefit Multiple^ times Single Premium (or)
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105% of Total Premiums paid which is Single Premium (Including discount, if any) till the date of death (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.
Joint Life Coverage:
On First Death during the Policy Term: Death Benefit payable on first death of any of the lives Insured shall be higher of:
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1.25 times of Single Premium (or)
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105% of Total Premiums paid which is Single Premium (Including discount, if any) till the date of death.
Upon payment of above benefit on First Death, the policy will continue for the surviving life Insured
On Second Death during the Policy Term: Death Benefit payable on second death shall be highest of:
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Sum Assured on Death (or)
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Death Benefit Multiple^ times Single Premium (or)
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105% of Total Premiums paid which is Single Premium (Including discount, if any) till the date of death (or)
-
Surrender Value applicable as on date of death#
Simultaneous death of both lives during the Policy Term:
In case of Simultaneous death of both the lives, Death Benefit as mentioned above for ‘First Death’ and ‘Second Death’ shall be payable, basis the inference that younger life died first.
Upon the payment of death benefit on Second Death, the policy shall terminate and no further benefits shall be payable
Death during Income Period:
In case of Death of the Life Insured or surviving Life Insured (In case of joint life coverage) during the Income Period, Nominee/ Beneficiary shall continue receiving all future payouts as and when due or shall have the option to receive a lump sum value instead of the future payouts which shall be the present value of the future payouts, discounted at 30yr Gsec + 2%. The interest rate shall be recalibrated at least semi-annually (in April and October) or when the fluctuations in yield is more than 50bps.
Note (for Both Plan Options)
#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
^Death Benefit Multiple (DBM) for both the Plan options varies by Age at entry and coverage option chosen
