Guaranteed Maturity Benefit:
If Lump-sum Benefit option is chosen by you, on the Maturity Date, if all premiums are paid, your Guaranteed Maturity Benefit payable as Lump-sum will be an enhanced percentage of your Sum Assured. This is called as Guaranteed Enhancer (GE).
- If ELC is not chosen, the policy will terminate on the Maturity Date
- If ELC is chosen, the policy will terminate at the end of the ELC Period
- The Guaranteed Enhancer percentages will be applied on your Sum Assured for an in-force policy and the paid-up Sum Assured for a paid-up policy
Guaranteed Enhancer will not be available for a lapsed or surrendered policy.
The Guaranteed Maturity Benefit will be subject to minimum of 100% of Total Premium* paid under the policy.
If Income Benefit option is chosen by you, on the maturity date, if all premiums are paid, your Guaranteed Maturity Benefit will be paid in yearly, half-yearly, quarterly or monthly installments (as chosen by you at the inception of the policy). These are called as Guaranteed Maturity Instalments (GMI), and will be paid at the end of the GMI year for a period equal to your Premium Payment Term (PPT).
Each subsequent instalment after the first instalment will be increased by 5%. For yearly installment, the GMI will start from the policy anniversary following the Maturity Date.
For other installment frequencies, the first GMI will start immediately after elapsation of respective instalment periods i.e. half-yearly, quarterly or monthly, as opted, from the maturity date.
Death Benefit:
Under Lump-sum Benefit and where all due premiums have been paid:
- Death Benefit during the Policy Term is the, Sum Assured on Death%., as on the date of death. The policy will terminate on payment of the Death Benefit
- Death Benefit during the ELC Period (only if chosen) (ELC Period is after the policy term) is the Sum Assured on Death% as on the date of death. The policy will terminate on payment of the Death Benefit
Under Income Benefit and where all due premiums have been paid:
- Death Benefit during the Policy Term is the Sum Assured on Death% as on the date of death. The policy will terminate on payment of the Death Benefit
- Death Benefit during payout period i.e. after the Policy Term is -
- If ELC is chosen, then the Sum Assured on Death% will be paid. The risk cover will terminate immediately and the Policy will terminate on payment of last GMI.
- If ELC is not chosen, then the remaining GMI will be paid. The policy will terminate on payment of last GMI.
%Sum Assured on Death is the higher of (i) 10 times Annualized Premium*, (ii) 105% of Total Premiums* paid as on date of death, (iii) Sum Assured.
*Annualized Premium is exclusive of extra premium, rider premiums, and GST/any other applicable tax levied, subject to changes in tax laws, if any, and Total Premiums paid is equal to (Annualized Premium * number of years for which premiums have been paid).
Total Premium is exclusive of extra premium, rider premiums and GST/any other applicable tax levied, subject to changes in tax laws, if any. Please note that GST/any other applicable tax levied, subject to changes in tax laws will be collected over and above the premium under the Policy.
Extended Life Cover (ELC)
At the inception of the policy, you will have the option to choose the Extended Life Cover (ELC) under the policy.
- The amount of risk cover during the ELC Period is equal to the Sum Assured on Death%
- The ELC will start from the Maturity Date and will continue for an ELC Period equal to the duration of the PPT (in years), starting from the Maturity Date
- In Lump Sum Benefit, on death of the Life Assured, the Sum Assured on Death% will be paid and the Policy will terminate. In Income Benefit, on death of the Life Assured, the Sum Assured on Death% will be paid, the risk cover will terminate immediately and the Policy will terminate on the payment of the last GMI
- Once chosen at inception, the ELC cannot be removed from the Policy%
%Sum Assured on Death is the higher of (i) 10 times Annualized Premium*, (ii) 105% of total premiums* paid as on date of death, (iii) Sum Assured.
