Early Income
Early Income:
Income Benefit: You are eligible to receive an income in the form of Cash bonuses3 that may be declared by the Company every year. You can opt to take this cash bonus3 monthly/ yearly which gives you an income starting from the end of 1st month/ 1st year after the Deferment period of your Policy. In addition to the cash bonus3, you shall also receive a Guaranteed2 Income. The income benefit is payable for the entire policy term.
- Guaranteed2 Income = Guaranteed2 income factor of 4% X Benefit Sum Assured
- Cash Bonus3 payable = Declared Cash Bonus3 rate X Benefit Sum Assured
Deferment Period: You will have an option to defer the start of your income by up to 5 years.
Maturity Benefit: On maturity of the Policy, you will receive:
- Sum Assured on Maturity, i.e. 105% of Total premiums4 paid plus
- Accumulated Income benefits, if any earlier, plus
- Terminal bonus (if declared)
Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death plus
- 105% of Accumulated Income benefits, if any earlier plus
- Terminal Bonus (if declared)
Wealth :
Maturity Benefit: On maturity, you will receive a lumpsum amount equal to:
- Maturity Sum Assured, i.e. Maturity Sum Assured Rate x Annualised Premium, plus
- Accrued Simple Reversionary Bonus (if declared), plus
- Terminal Bonus (if declared)
Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death, plus
- Accrued simple reversionary bonus (if declared), plus
- Terminal Bonus (if declared)
Note:
The Sum Assured on Death will be 11 times of Annualised premium. At no time the Death Benefit will be less than the Guaranteed Death Benefit of 105% of Total Premiums4 paid. If there is any shortfall, the same will be added to the Death Benefit.
The death benefit will be paid-out as a lump-sum, and the policy will terminate if not opted to take the death benefit in instalments.
Annualised Premium is exclusive of any extra premium, rider premium, GST & cess, if any.
Total Premium4 is the sum total of all the premiums received and is exclusive of extra premium, rider premium and GST & cess, if any.
Please note that GST & cess (if any) will be collected over and above the premium under the policy.
The Benefit Sum Assured will be used for the calculation of Guaranteed2 Income, Cash Bonus3, Simple Reversionary Bonus and Terminal Bonus and will not paid on any event.
Sum Assured on Maturity is equal to (i) 105% of the Total Premiums4 paid under Early Income option and (ii) Maturity Sum Assured under Wealth option.
2Conditions Apply - The Guaranteed benefits are dependent on policy term, premium payment term availed along with other variable factors.
3Bonuses are not guaranteed. Product features mentioned above are dependent on benefit chosen.
4Total Premium (the sum of all premiums paid under the policy; even refers to the Single Premium) is total of all the premiums received, exclusive of extra premium, rider premium and GST & /any other applicable tax levied, subject to changes in tax laws.
