- Survival
Benefit:
On life assured surviving to the end of the
specified durations an amount specified below
is payable:
| 5
years before the date of expiry of policy
term |
- |
25%
of the Sum Assured |
| 4
years before the date of expiry of policy
term |
- |
10%
of the Sum Assured |
| 3
years before the date of expiry of policy
term |
- |
10%
of the Sum Assured |
| 2
years before the date of expiry of policy
term |
- |
10%
of the Sum Assured |
| 1
years before the date of expiry of policy
term |
- |
10%
of the Sum Assured |
| On
the date of expiry of policy term |
- |
50%
of the Sum Assured along with vested Simple
Reversionary Bonuses and Final (Additional)
Bonus, if any. |
- Death
Benefit:
On death (after the Date of Commencement of
Risk) - Sum Assured along with vested Simple
Reversionary Bonuses and Final (Additional)
Bonus, if any shall be payable.
On death during the Extended Term - Sum Assured
is payable.
On death (before the Date of Commencement
of Risk) - All the premiums paid (excluding
extra premium and premium for premium waiver
benefit, if any,) along with interest of 3%
p.a compounding yearly shall be payable.
If after at least two full year’s premiums
have been paid, and any subsequent premium be
not duly paid, full death cover shall continue
for a period of two years from the due date
of the First Unpaid Premium (FUP). During this
Auto Cover Period, one or more instalments of
premiums with interest can be paid without submission
of evidence of health. On payment of one or
more of the arrears of instalment premiums with
interest, the Auto Cover Period of 2 years shall
be extended from the due date of new FUP. Premium
Waiver Benefit shall remain inforce during the
Auto Cover period.
The proposer can opt for this benefit if aged
between 18 and 55 and is medically fit. It provides
waiver of premiums on death of proposer. Further
the benefit shall remain in force during the
Auto cover period. Any premiums that have fallen
due and not paid during the Auto Cover period
shall also be waived. This benefit shall not
be available in case of suicide by the proposer
within one year of policy. Further, revival
of the policy shall be subject to medical fitness
of the proposer.
| (a) |
Minimum
Entry Age |
: |
0
years (last birthday) |
| (b) |
Maximum
Entry Age |
: |
12
years (last birthday) |
| (c) |
Minimum
Maturity Age |
: |
23
years (last birthday) |
| (d) |
Maximum
Maturity Age |
: |
27
years (last birthday) |
| (e) |
Minimum
Sum Assured |
: |
Rs.
1,00,000 |
| (f) |
Maximum
Sum Assured |
: |
Rs.
100,00,000 |
| (g) |
Policy
term |
: |
11
to 27 years |
| (h) |
Premium
Paying term |
: |
6
years and Policy term less 5 years |
Simple Reversionary Bonuses shall be
declared per thousand Sum Assured annually at
the end of each financial year depending upon
the Corporation’s experience, provided
the policy is in full force. In case of
a paid up policy, bonuses shall be payable only
if, at least, 3 full years’ premiums have
been paid. On surrender, the discounted value
of vested bonuses, if any, will be payable.
Final (Additional) Bonus may also be declared
in addition.
Not withstanding the death benefit provided
under the Auto Cover period, if at least three
full years’ premiums have been paid and
any subsequent premium be not duly paid, this
policy shall not be wholly void but shall become
paid-up.
If
policy becomes paid-up before the commencement
of risk, then the policy shall be entitled to
receive the Guaranteed Surrender Value. If the
policy is not surrendered, this Guaranteed Surrender
Value shall be payable on the expiry
of policy term or on death of Life Assured,
if earlier.
If
policy becomes paid-up after the commencement
of risk, then the sum assured of policy shall
be reduced to such a sum, called paid-up value,
as shall bear the same proportion to the full
Sum Assured as the number of premiums actually
paid bears to the total number of premiums stipulated
for in the policy. This reduced value (called
paid up value) along with vested bonuses, if any,
shall be payable on the date of expiry of policy
term or at Life Assured’s prior death. No
survival benefit shall be payable under a reduced
paid-up policy. Extended Term cover shall cease
to apply if the policy is in lapsed/ Paid-up condition.
You may surrender the policy for cash after
at least three full years’ premiums have
been paid. The Guaranteed Surrender Value will
be as under:
- Before
commencement of risk: 90% of the total amount
of premiums (excluding premiums for the first
year ) paid.
- After
commencement of risk: 90% of the total amount
of premiums (excluding premium for the first
year) paid before commencement of risk and
30% of premiums paid on and after the commencement
of risk.
The
Guaranteed Surrender value calculated above
will be subject to the deduction of the total
amount of survival benefits that might have
become due on or before the date of surrender.
Further all extra premiums and/or any other
premium including premium for Premium Waiver
Benefit shall not be considered in the premiums
refunded.
The
cash value of any existing vested bonuses, if
any, will also be paid.
Corporation
may, however, pay Special Surrender value as
the discounted value of Paid up value and existing
vested bonus, as applicable on date of surrender.
The Special Surrender value will be subject
to the deduction of the survival benefits which
have become due on or before the date of surrender.
The
Special Surrender value will be payable provided
the same is higher than Guaranteed Surrender value.
A grace period of one calendar month but not
less than 30 days will be allowed for payment
of premiums.
If the policy is lapsed, it can be revived by
paying arrears of premium together with interest
within a period of five years, subject to production
of satisfactory evidence of continued insurability.
The rate of interest applicable will be as fixed
by the Corporation from time to time.
If you are not satisfied with the “Terms
and Conditions” of the policy you may
return the policy to us within 15 days.
Suicide is excluded for Premium Waiver Benefit
for first year. No other exclusions.
Date of commencement of risk :
If age of Life Assured is upto
10 years, risk shall commence either after 2
years from the date commencement of policy or
from the policy anniversary coinciding with
or immediately following the completion of 5
years of age of Life assured, whichever is later.
In other cases, risk shall commence from the
policy anniversary coinciding with or next following
12th birthday of the Life Assured.
Date
of Vesting: The policy shall automatically
vest in the Life Assured on the policy anniversary
coinciding with or immediately following the
completion of 18 years of age and shall on such
vesting be deemed to be a contract between the
Corporation and the Life Assured.
