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PREMIUM PAYMENT MODES: Yearly, Half-Yearly,
Quarterly, Monthly (by ECS mode only).
SAMPLE
PREMIUM RATES
|
Tabular
Annual Premium per 1000 SA
|
|
AGE/TERM
|
9
|
12
|
| 20 |
161.85 |
165.00 |
| 25 |
161.90 |
165.10 |
| 30 |
162.05 |
165.30 |
| 35 |
162.45 |
165.85 |
| 40 |
163.20 |
166.90 |
| 45 |
164.60 |
168.65 |
| 50 |
166.95 |
171.50 |
MODE
REBATE
Yearly
mode: 2% of Tabular Premium
Half-yearly
mode: 1% of the tabular premium
HIGH
SUM ASSURED REBATES
| Sum
Assured (in Rs) |
Rebate
per thousand Sum Assured
|
| Less
than Rs.1, 00,000/- |
Nil
|
| Rs
1,00,000 and above but less than Rs.200000 |
Rs
2.00
|
| Rs
2,00,000 and above but less than Rs.500000 |
Rs
3.50
|
| Rs.
500000 and above |
Rs
5.00
|
LOAN:
Loan
is available under the plan after the policy
acquires paid-up value.
GRACE
PERIOD:A
grace period of one 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 premiums.
If
death occurs within this period and before the
payment of the premium then due, the policy
will still be valid and the Sum Assured shall
be paid after deduction of the said premium
as also unpaid premiums falling due before the
next Policy anniversary. If premium is not paid
before the expiry of the days of grace, the
Policy lapses.
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 date
of first unpaid premium but before maturity.
The rate of interest applicable will be as fixed
by the Corporation from time to time.
The
Corporation reserves the right to accept at
original terms, accept with modified terms or
decline the revival of a discontinued policy.
The revival of the discontinued policy shall
take effect only after the same is approved
by the Corporation and is specifically communicated
to the Life Assured.
PAID
UP VALUE:
If
after at least 3 full years premiums have been
paid in respect of this policy and any subsequent
premium be not duly paid, this policy shall
not be wholly void, but shall subsist as a paid-up
policy for a reduced sum.
The
Sum Assured of the 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 , less any survival benefit paid.
The
policy so reduced shall, thereafter be free
from all liability for payment of the premiums,
but shall not be entitled to the Guaranteed
Additions from the due date of first unpaid
premium. However, the accrued Guaranteed Additions
will remain attached to the reduced paid-up
policy.
Notwithstanding
the benefits available under a fully in force
policy, in the case of a reduced paid up policy,
no survival benefits shall be payable and the
paid-up value along with the accrued Guaranteed
Additions, if any, shall be payable only in
lump-sum on the expiry of policy term or death
of life assured, if earlier.
SURRENDER
VALUE:
The
Guaranteed surrender value will be available
after the expiry of 3 policy years, provided
the premiums have been paid for at least three
years. The guaranteed surrender value allowable
under this policy is equal to 30 percent of
the total amount of the premiums paid excluding
the premium for the first year, all extra premiums
that may have been paid and the amount of survival
benefits paid earlier.
The
cash value of any existing guaranteed additions
will also be paid.
Corporation
may, however, pay special surrender value as
the discounted value of Paid up sum assured
and Guaranteed Addition, as applicable on date
of surrender, provided the same is higher than
guaranteed surrender value.
EXCLUSIONS:
Suicide:
This policy shall be void if the Life Assured
commits suicide (whether sane or insane at that
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 under the policy. 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 bonafide beneficial
interest acquired in the policy for valuable
consideration of which notice has been given
in writing to the branch where the Policy is
being presently serviced (where the policy records
are kept), at least one calendar month prior
to death.
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.
BENEFITS
Provided
the policy is in force during the term of the
contract the following benefits are payable.
Survival
Benefits:
For
9 Years Policy Term
15%
of the Sum Assured is payable at the end of
3 years.
25%
of the Sum Assured is payable at the end of
6 years.
60%
of the Sum Assured is payable together with
Guaranteed Additions, and Loyalty Addition,
if any, at the end of 9 years.
For
12 Years Policy Term
10%
of the Sum Assured is payable at the end of
3 years.
20%
of the Sum Assured is payable at the end of
6 years.
30%
of the Sum Assured is payable at the end of
9 years
40%
of the Sum Assured is payable together with
Guaranteed Additions, and Loyalty Addition,
if any, at the end of 12 years.
Death
Benefit:
In
case of death of the life assured during the
policy term, the full sum assured is payable
irrespective of the survival benefits paid earlier.
