Maturity Benefit
(Benefits on maturity of the policy)
Maturity Benefit
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Death Benefit
(Benefits for the nominee upon demise of policy holder)
Death Benefit
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On death of the life assured during the policy term, provided all due premiums are paid, we would pay the highest of the following:
- Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonuses (if declared) + Interim Bonus (if declared) + Terminal Bonus (if declared)
- 105% of Total Premiums paid1
Where, the Sum Assured on Death shall be the highest of:
- Sum Assured on Maturity2
- An absolute amount assured to be paid on death, which in this case, is equal to the Sum Assured on Maturity
- 10 times Annualized Premium for entry age up to 50 years and 7 times Annualized Premium for entry age greater than 50 years.
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An additional benefit equal to 100% of 'Sum Assured on Death' will be payable in case of death due to an accident3
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On payment of the maturity or death benefit, the policy will terminate with no further benefits are payable.
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Disclaimer:
- Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.
- Sum Assured on Maturity is the absolute amount of benefit guaranteed to be payable on maturity of the policy.
- Accidental Death means death by or due to a bodily injury caused by an accident, independent of all other causes of death. Accidental Death must be caused within 180 days of any bodily injury. Accident is a sudden, unforeseen and involuntary event caused by external, visible and violent means.
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Guaranteed Additions
(Increased value of your investments with added benefits)
Guaranteed Additions
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The plan provides you with additional boosters in the form of Guaranteed Additions, provided the policy is in force.
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The Guaranteed Additions will accrue at the rate of 3% of 'Sum Assured on maturity' during the first 5 years of the policy.
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The Guaranteed Additions are payable at maturity or death, whichever is earlier.
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In case of surrender, the surrender value of Guaranteed Additions will be payable.
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Bonus
(Additional benefits by way of bonuses)
Bonus
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A Simple Reversionary bonus as a percentage of the “Sum Assured on Maturity” may be declared at the end of each financial year, and payable either on death or on maturity, whichever is earlier provided all due premiums are paid. The Reversionary Bonus is a discretionary benefit declared and would be declared keeping in mind a long term view of expected future experience.
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In case of death or surrender during the inter-valuation period the policy will be eligible to receive the Interim Bonus based on the bonus rates declared by the company.
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A Terminal Bonus may be added to your policy at maturity / death which enables the company to pay a fair share of the surplus at the end, based on the actual experience over the Policy Term and allowing for the Reversionary Bonuses already attached. As the Terminal Bonus depends on the actual experience, it is not a guaranteed benefit.
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Auto Cover Continuance
(Increased value of your investments with added benefits)
Auto Cover Continuance
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Under this feature, for a reduced paid-up policy the full death benefit shall continue for a period of one year (Auto Cover Continuance period) from the date of first unpaid premium.
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Auto Cover Continuance applies only to the basic death benefit and not to the additional accidental death benefit.
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At the time of payment of death benefit during the Auto Cover Continuance period the due but unpaid premium shall not be deducted from the benefit payable. The basic death benefit payable during this one year shall be the higher of:
- Sum Assured on Death + Accrued Guaranteed Additions + Accrued Reversionary Bonus (if declared) + Interim Bonus (if declared) + Terminal Bonus (if declared)
- 105% of Total Premiums paid
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The additional accidental death benefit shall be reduced to paid-up Sum Assured on Death.
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The Guaranteed Additions and Reversionary Bonuses (if declared) accrued till due date of first unpaid premium shall become payable on death and no further Guaranteed Additions or Reversionary Bonus (if declared) shall accrue to the policy.
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High Sum Assured Rebate
(Discounts on high value purchase)
High Sum Assured Rebate
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We offer rebate on the policies with sum assured on maturity of 2 lakhs & above.
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The discount rate mentioned below is per 1,000 Sum Assured on Maturity:
Sum Assured on Maturity (₹)
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Premium Paying Term: 8 years
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Premium Paying Term: 10 years
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Less than 2,00,000
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Nil
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Nil
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2,00,000 to 4,99,999
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5
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2.5
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5,00,000 or above
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7.5
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5
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