Benefits
Disability
Benefit:
In case policy
holder becomes totally and permanently disabled
due to an accident before reaching the age of
70 and the policy is in full force, he will
not be required to pay further premiums, (the
Disability Benefit is available in respect of
the first Rs.20,000 sum assured on any one life)
and the policy will continue to be in force.
Accident Benefit:
By paying a small
extra premium of Rs.1 per Rs.1000/- sum assured
per year he or his family are entitled to the
following benefits on death or permanent disability
caused by accident. Even students above the
age of 18 years can avail of this benefit.
Premium Stoppage:
If payment of
premiums ceases after at least THREE years'
premiums have been paid , a free paid-up policy
for a reduced sum assured will be automatically
secured provided the reduced sum assured, exclusive
of any attached bonus, is not less than Rs.
250/-. The reduced sum assured will become payable
on the event as stipulated in the policy..
Bonus:
Is there anything
extra payable besides the sum assured at the
time of claim settlement? Yes, but only if it
is a ‘with profits’ policy. Every
year the Life Insurance Corporation distributes
its surplus among policyholder to ‘with
profits’ polices in the form of bonuses.
Substantial bonuses have been declared in the
past after each valuation of policy liabilities.
Death Benefits
