Further, the premium chosen by you shall be
subject to the minimum and maximum
sum assured of Rs. 5,000/- and Rs. 30,000/-
respectively payable on death and maturity
under this plan.
Benefits
Maturity
Benefit: On your surviving to the date
of maturity, payment of the Maturity Sum Assured
along with vested bonuses, if any.
The
specimen Maturity Sum Assured per Rs. 1200/-
annual premium are given below for some of
the decennial ages and terms:
| Age
at Entry |
Policy
Term |
| 5
years |
10
years |
15
years |
| 20 |
5089 |
11219 |
18561 |
| 30 |
5081 |
11173 |
18396 |
| 40 |
5026 |
10910 |
17572 |
| 50 |
4847 |
10066 |
14884 |
Death
Benefit: Payment of an amount equal
to total premiums payable during the entire
term of the policy along with vested bonuses,
if any.
Accidental
Death and Disability Benefit: On
death arising as a result of accident an additional
amount, equal to Death Benefit Sum Assured
shall be available during the term of the
policy.
On total and permanent disability arising
due to accident (within 180 days from the
date of accident), the Accident Benefit will
be payable in monthly instalments spread over
10 years. If the policy becomes a claim either
by way of death or maturity before the expiry
of the said period of 10 years, the disability
benefit instalments which have not fallen
due will be paid along with the claim.
The
disability due to accident should be total
and such that the Life Assured is unable to
carry out any work to earn the living. Following
disabilities due to accidents are covered:
a)
irrevocable loss of the entire sight of both
eyes, or
b) amputation of both hands at or above the
wrists, or
c) amputation of both feet at or above ankles,
or
d) amputation of one hand at or above the
wrist and one foot at or above the ankle
Auto-Cover
Facility: If at least two full years’
premiums have been paid in respect of this
policy, any subsequent premium be not duly
paid, full death cover shall continue from
the due date of First Unpaid Premium(FUP)
for a period of two years or till the end
of policy term, whichever is earlier.
During
the Auto Cover Period, the Accident Benefits
shall not be available.
Participation
in Profits of the Corporation: Simple
Reversionary Bonuses shall be declared per
thousand Death Benefit 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.
Paid-up
Value: If after at least two full
years’ premiums have been paid in respect
of this policy, any subsequent premium be
not duly paid, this policy shall not be wholly
void, but shall subsist as a paid up policy
and the Sum Assured shall be reduced to a
sum, called the paid-up value. The Paid up
Sum Assured shall be calculated as the Maturity
Sum Assured multiplied by the ratio of number
of premiums actually paid to the total number
of premiums originally stipulated for in the
policy. This paid up value along with vested
bonuses, if any, shall be payable on the date
of maturity or at Life Assured’s prior
death.
The
Accident Benefit will cease to apply if the
policy is in lapsed condition.
Surrender
Value: You may surrender the policy
for cash after at least two full years’
premiums have been paid. The Guaranteed Surrender
Value is equal to 30 per cent of the total
amount of premiums paid. Corporation may,
however, pay special surrender value as the
discounted value of Paid up sum assured and
vested bonus, if any, as applicable on date
of surrender, provided the same is higher
than guaranteed surrender value.
Grace
Period: A grace period of one calendar
month but not less than 30 days will be allowed
for payment of yearly or half-yearly or quarterly
premiums and 15 days for monthly or fortnightly
or weekly premiums.
Revival:
Subject to production of satisfactory evidence
of continued insurability, a lapsed policy
can be revived by paying arrears of premium
together with interest within a period of
five years but before maturity from the due
date of first unpaid premium. The rate of
interest applicable will be as fixed by the
Corporation from time to time.
Cooling-off
period: If you are not satisfied
with the “Terms and Conditions”
of the policy you may return the policy to
us within 15 days.
Exclusions:
If the Life Assured commits suicide (whether
sane or insane at that time) within one year
from the date of commencement of risk under
the Policy, the Corporation shall not entertain
any claim except to the extent of a third
party’s interest under the policy.
The
Corporation shall not pay the accidental benefit
in case accidental death/ disability arises
due to following reasons:
(i)
intentional self injury, attempted suicide,
insanity or immorality or whilst the Life
Assured is under the influence of intoxicating
liquor, drug or narcotic; or
(ii) injuries resulting from riots, civil
commotion, rebellion, war (whether war be
declared or not), snake biting, invasion,
hunting, mountaineering, steeplechasing or
racing of any kind; or
(iii) the Life Assured committing any breach
of law
| ELIGIBILITY
CONDITIONS AND OTHER RESTRICTIONS |
| Minimum
age at entry |
18
years (completed) |
| Maximum
age at entry |
60
years (nearest birthday) |
| Maximum
age at maturity |
65
years (nearest birthday) |
| Term |
5
to 15 years. |
| Minimum
Sum Assured |
Rs.
5,000 |
| Maximum
Sum Assured |
Rs.
30,000 |
