ELIGIBILITY
CONDITIONS AND OTHER RESTRICTIONS
FOR
BASIC PLAN:
Age
at entry : Age of the Life Assured- 20
to 60 years (age nearest birthday)
Age
of the Life Assured at maturity: Maximum 70
years (age nearest birthday)
Term :
All terms from 10 to 25 years. In case of single
premium mode minimum term shall be 5 Years.
Minimum
Sum Assured : Rs. 50,000 /-
Maximum
Sum assured : No limit. Sum Assured will be
in multiples of Rs.5,000 /- only.
Mode :
Yearly, Half-yearly, Quarterly, Monthly or through
salary deductions in case of regular premiums.
FOR
TERM ASSURANCE RIDER:
Age
at entry : Age of the Life Assured-
20 to 50 years (age nearest birthday)
Age
at maturity : Maximum 60 years (age nearest
birthday)
Minimum
Sum Assured : Rs. 1,00,000 /-
Maximum
Sum assured : An amount equal to the Sum
Assured under Basic Plan subject to the maximum
of Rs. 25 lakh overall limit taking all term
assurance riders availed under all existing
policies of the life assured and the term assurance
rider under the new proposal into consideration.
The
Term Assurance Rider Sum Assured will be in
multiples of Rs.25,000 /- only.
FOR
CRITICAL ILLNESS RIDER:
Age
at entry : Age
of the life Assured- 20 to 50 years (age nearest
birthday)
Age
at maturity : Maximum 60 years (age nearest
birthday)
Minimum
Sum Assured : Rs. 50,000 /-
Maximum
Sum assured : An amount equal to the Sum
Assured under Basic Plan subject to the maximum
of Rs. 5 lakh overall limit taking all critical
illness riders availed under all
existing policies of the life assured
and the critical illness rider under the new
proposal into consideration.
The
Critical Illness Rider Sum Assured will be in
multiples of Rs.10,000 /- only.
REBATES
/ EXTRA FOR MODE OF PREMIUM PAYMENT AND
HIGH SUM ASSURED :
Mode
rebate: 2% for yearly mode and 1% for half yearly
mode on the tabular premium. There are no rebates
for quarterly and SSS modes. For monthly mode,
5% extra will be charged on the tabular premium.
Large
Sum Assured Rebate: Rs. 2% of Sum Assured for
Sum Assured Rs.1,05,000/- and above. No rebate
for Sum Assured up to and including Rs.1,00,000
/-
OPTIONS
OF PAYMENT OF PREMIUM:
Following
premium paying terms are offered:
(i)
Single Premium- One Year
(ii)
Regular Premium payable during (n-3) Years,
where n is the policy term
(iii) Regular
Premium payable throughout the policy term
The
sample premium rates for the basic plan are
as under:
|
SINGLE
PREMIUM PER 1000 SUM ASSURED
|
|
AGE
|
POLICY
TERM
|
|
5
|
10
|
15
|
20
|
25
|
|
20
|
975.45
|
839.65
|
718.80
|
614.20
|
525.70
|
|
25
|
975.95
|
840.45
|
720.80
|
618.10
|
532.05
|
|
30
|
976.30
|
842.40
|
725.30
|
625.85
|
544.15
|
|
35
|
978.45
|
847.85
|
735.05
|
641.35
|
565.40
|
|
40
|
982.90
|
858.05
|
752.90
|
666.85
|
598.60
|
|
45
|
990.60
|
876.05
|
781.20
|
705.60
|
648.55
|
|
50
|
1004.65
|
904.25
|
823.75
|
763.55
|
-
|
|
55
|
1024.65
|
944.60
|
886.00
|
-
|
-
|
|
60
|
1054.60
|
1006.80
|
-
|
-
|
-
|
|
LIMITED
ANNUAL PREMIUM PER 1000 SUM ASSURED
|
|
AGE.5
|
POLICY
TERM (PREMIUM PAYING TERM)
|
|
10(7)
|
15(12)
|
20(17)
|
25(22)
|
|
20
|
152.30
|
88.90
|
61.30
|
45.75
|
|
25
|
152.50
|
89.20
|
61.75
|
46.35
|
|
30
|
152.85
|
89.80
|
62.60
|
47.55
|
|
35
|
154.05
|
91.25
|
64.45
|
49.70
|
|
40
|
156.30
|
93.95
|
67.60
|
53.25
|
|
45
|
160.30
|
98.45
|
72.60
|
58.90
|
|
50
|
166.85
|
105.55
|
80.55
|
-
|
|
55
|
176.45
|
116.30
|
-
|
-
|
|
60
|
191.55
|
-
|
-
|
-
|
|
TABULAR
ANNUAL PREMIUM PER 1000 SUM ASSURED
|
|
AGE9.8
|
POLICY
TERM
|
|
10
|
15
|
20
|
25
|
|
20
|
118.25
|
76.95
|
55.55
|
42.90
|
|
25
|
118.40
|
77.25
|
56.00
|
43.50
|
|
30
|
118.75
|
77.85
|
56.85
|
44.65
|
|
35
|
119.80
|
79.20
|
58.60
|
46.80
|
|
40
|
121.75
|
81.75
|
61.65
|
50.30
|
|
45
|
125.30
|
86.00
|
66.50
|
55.90
|
|
50
|
131.15
|
92.75
|
74.30
|
-
|
|
55
|
139.80
|
103.20
|
-
|
-
|
|
60
|
153.80
|
-
|
-
|
-
|
OTHER
BENEFITS :
The
plan offers other benefits as follows:
Grace
Period: A grace period of one month but
not less than 30 days will be allowed for payment
of yearly, half-yearly or quarterly premiums
and 15 days for monthly premiums.
15
–days 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.
Paid
up Value: If at least three 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 the Sum
Assured by it shall be reduced to such a Sum,
called the paid-up value, as shall bear the
same ratio to the full Sum Assured as the number
of premiums actually paid shall bear to the
total number of premiums originally stipulated
in the policy. The policy so reduced shall thereafter
be free from all liability for payment of the
within mentioned premium, but shall not be entitled
to the future bonuses. The existing vested reversionary
bonuses, if any, will remain attached to the
reduced paid-up Policy. The Sum Assured so reduced
along with existing bonuses, if any, shall be
paid in one single instalment on maturity or
on earlier death.
The
rider benefits will cease to apply if the policy
is in lapsed condition.
Once
the payment of assured benefit starts, the policy
shall be kept in force till maturity and the
unpaid premiums, if any, will be deducted with
interest at appropriate rate out of the next
benefit payment.
Loan:
Policy Loan is permissible under the policy
after it acquires a paid-up value but before
starting of payment of assured benefits. The
terms and conditions of loan and the rate of
interest applicable will be as fixed by the
Corporation from time to time. At present, the
rate of interest is 10.5% p.a. compounding half-yearly.
Guaranteed
Surrender Value: This policy can be surrendered
for cash after the policy is kept in force by
payment of premiums for at least three years.
The guaranteed surrender value allowable under
this plan for all modes, except the single premium
mode will be equal to 30 per cent of the premiums
paid excluding the premiums paid for the first
year and all extra premiums and the premiums
paid for optional / rider benefits. In case
of single premium mode, the guaranteed surrender
value will be 90 per cent of the premiums paid
excluding all extra premiums and the premiums
paid for optional / rider benefits. The cash
value of any existing vested bonus additions
will also be payable on surrender.
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 from the due date of first unpaid premium.
The rate of interest applicable will be as fixed
by the Corporation from time to time. At present
the rate of interest is 9% p.a. compounding
half-yearly.
OPTIONAL
RIDER BENEFITS:
The
plan offers following optional riders on payment
of additional premium and subject to the eligibility
conditions mentioned below:
a)
Accidental Death and Disability Benefit
Accidental
Death and Disability Benefit will be available
for an amount not exceeding the sum assured
under the basic plan subject to overall cover
of 25 lakh under all policies of the life assured
with the Corporation taken together.
b)
Term Assurance Rider Benefit
Term
assurance rider benefit will be available for
an amount not exceeding the sum assured under
the basic plan subject to overall cover of 25
lakh under all policies of the life assured
with the Corporation taken together.
c)
Critical Illness Rider Benefit
Critical
Illness Rider Benefit will be available for
an amount not exceeding the sum assured under
the basic plan subject to overall cover of 5
lakh under all policies of the life assured
with the Corporation taken together.
If
Premium Waiver Benefit is opted for, then in
case of diagnosis by any of the critical illness
conditions covered under the policy, the total
future premiums in respect of the policy will
be waived. Sum Assured under such policies will
not exceed Rs 5 lakh.
ACCIDENTAL
DEATH AND DISABILITY BENEFIT:
On
death arising as a result of accident an additional
amount equal to the Accident Benefit Sum Assured
is payable. On total and permanent disability
arising due to accident (within 180 days from
the date of accident) an amount equal to the
Accident Benefit Sum Assured will be paid over
a period of 10 years in monthly instalments.
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
No
benefit will be paid if accidental death or
disability arises due to accident in case of:
a) intentional
self-injury, attempted suicide insanity or immorality
or the Life Assured is under the influence of
intoxicating liquor, drug or narcotic
b) engagement
in aviation or aeronautics other than that of
a passenger in any air craft
c) injuries
resulting from riots, civil commotion, rebellion,
war, invasion, hunting, mountaineering, steeple
chasing or racing of any kind
d) accident
resulting from committing any breach of law
e) accident
arising from employment in armed forces or military
services or police organisation.
TERM
ASSURANCE RIDER BENEFIT:
An
amount equal to Term Assurance Rider Sum Assured
will be payable on death of the life assured
during the policy term.
CRITICAL
ILLNESS RIDER BENEFIT:
An
amount equal to Critical Illness Rider Sum Assured
will be payable in case of diagnosis of defined
categories of critical illness subject to certain
terms and conditions.
If
Premium Waiver Benefit has been opted for ,
then in case of diagnosis by any of the critical
illness conditions covered under the policy,
the total future premiums payable (total instalment
premium) will be waived.
EXCLUSIONS
:
This
policy shall be void if the Life Assured commits
suicide (whether sane or insane at the time)
at any time on or after the date on which the
risk under the policy has commenced but before
the expiry of one year from the date of commencement
of risk. In case of death due to suicide during
this period, the Corporation will not entertain
any claim by virtue of this policy except to
the extent of a third party’s bona-fide beneficial
interest acquired in the policy for valuable
consideration of which notice has been given
in writing to the office where this policy is
serviced, at least one calendar month prior
to death.
