Premium Paying
Terms
|
Policy
Term
|
Premium
Paying terms limited to
|
|
5
years
|
1,
2 or 3
|
|
10
years
|
1,
2, 3, 4 or 6
|
|
15
years
|
1,
2, 3, 4, 6, 8 or 10
|
|
20
years
|
1,
2, 3, 4, 6, 8, 10 or 12
|
|
25
years
|
1,
2, 3, 4, 6, 8, 10, 12 or 16
|
Benefits
Maturity Benefits:
Payment of basic Sum Assured together with accrued
Guaranteed Additions and accrued bonuses, if
any will be paid to the policyholder on surviving
the term of the policy provided the policy is
in full force for full sum assured.
Death Benefit:
On death of the Life Assured during the term
of the policy the basic Sum Assured along with
accrued Guaranteed Additions and accrued bonuses,
if any, will be paid, provided the policy is
in full force for full sum assured.
Guaranteed
Additions: Guaranteed Additions @ Rs. 50
% 0 Sum Assured for each completed year, for
the first five years.
Participation
in profits: From the 6th year onwards policyholder
shall be entitled to receive bonuses declared
as per the experience of the Corporation.
Free Disability
Benefit: In case of total and permanent
disability arising due to accident within 180
days of the accident, disability benefit will
be available under the plan upto an assurance
of maximum Rs. 20000 under all the policies
taken together. The payment of future premiums
upto an assurance of Rs. 20000 would also be
waived in such cases. (All conditions applying
to disability due to accident shall apply to
this benefit)
Grace Period:
30 days for premium payment .
15-days Cooling-off
period: If not satisfied, return of policy
permissible within 15 days.
Revival
: The policyholder can revive his lapsed policy
within a period of 5 years from the date of
first unpaid premium by paying arrears of premium
together with interest to be decided by corporation
from time to time subject to satisfactory evidence
of health. The present rate of interest is 9%
p.a. Payable half yearly.
Paid-up value:
The policy will acquire paid-up value after
at least one full year’s premium has been
paid wherever the premium paying term is 10
years or less. For premium paying terms of more
than 10 years the policy will acquire paid-up
value after 2 full years premiums have been
paid.
Guaranteed
Surrender Value (GSV) : This policy can
be surrendered for cash after completion of
three policy years.
The Guaranteed Surrender Value in case of single
premium policy will be 90% of the premium paid
excluding all extra premiums, premium for the
term assurance option and accident benefit premium,
if any. The Guaranteed Surrender Value allowable
under the policy (other than single premium)
will be equal to 30% of the total amount of
premiums paid excluding the premiums for the
first year and the extra premiums for the Term
Assurance Option and Accident Benefit, if any.
The cash value of any existing vested Guaranteed
Additions and vested bonuses, if any, will also
be allowed.
Term Assurance
Rider
Term Assurance as optional rider will be available
under this plan. Premiums for this option are
payable during the Premium Paying Term and an
amount equal to the Term Assurance Sum Assured
will be payable on death during the Policy term.
The premium rates for this option will be payable
separately.
Accidental
Death & Disability Benefit
Accident benefit will be available under the
plan upto a maximum of Rs.25 lakhs (inclusive
of all other life insurance plan) subject to
payment of additional premium. An additional
amount equal to the accident benefit sum assured
is payable on death. In case of total and permanent
disability arising due to accident (within 180
days) this amount is paid over a period of 10
years in monthly installment.
The disability
due to accident should be total and such that
person is unable to carry out any work to earn
the living. Following disabilities due to accident
are covered –
a) Irrevocable loss of the entire sight of both
eyes or
b) amputation of both hand 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 in case of accidental death or
disability 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,
drugs or narcotics
b) Engagement in aviation or aeronautics other
than that of a passenger in any aircraft
c) Injuries resulting from riots, civil commotion,
rebellion, war, invasion, hunting, mountaineering,
steeple chasing or racing of any kind
d) Accident resulted from committing any breach
of law
e) Accident arising from employment in armed
forces or military services or police organisation.
Age Proof:
Only standard age proof will be accepted under
this plan.
Rebate - For
Mode of Premium Payment:
Yearly ... 2% of tabular premium
Half-Yearly ... 1% of tabular premium
Quarterly ... Nil
Sum Assured
Rebate:
Rs.50 lacs and above Rs.0.50 per thousand
In case of regular Premium Rs.2 per thousand
Sum Assured rebate
at this level will also be allowed under Single
Premium.
Loan:
Loan is permissible subject to usual terms and
conditions. However, the rate of interest would
be determined from time to time. The rate to
start with will be 10.5% p.a. payable half yearly
