Maturity Benefit:
On the maturity date, if all premiums are paid, the Guaranteed Sum Assured on Maturity# plus Guaranteed Additions, under your policy, will be paid and the policy will terminate.
Death Benefit:
In case of unfortunate death of the Life Assured due to accident during the waiting period$ or in case of death of the Life Assured after the waiting period$ due to any cause, the death benefit is payable to the nominee(s)/beneficiaries. Such death benefit is stated as Sum Assured on Death# which is as below.
The Sum Assured on Death# is the higher of:
- 10 times of Annualized Premium*,
- 105% of Total Premiums** paid as on date of death,
- Sum Assured#
In case of death of the Life Assured during the Waiting period other than due to an accident, the death benefit payable to the nominee(s)/beneficiaries will be the 100% of Total Premiums** paid till date, excluding any extra premium & Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws.
The policy will terminate on payment of the death benefit.
The death benefit is payable provided the policy is in-force and all due premiums have been paid.
*Annualized Premium is exclusive of extra premium, loadings for modal premiums and Goods &Service Tax /any other applicable tax levied, subject to changes in tax laws, if any.
**Total Premium is total of all the premiums paid & received, excluding any extra premium, rider premium and taxes.
#Guaranteed Sum Assured on Maturity and Sum Assured is 10 times the Annualized Premium.
$Waiting period is the first 90 days from the date of commencement of risk. Waiting period is not applicable in case of revival.
Guaranteed Additions:
On maturity date, if all due premiums have been paid, Guaranteed Additions as a multiple of one Annualized Premium will be paid along with the maturity benefit. Guaranteed additions will not be payable in case of a lapsed or paid-up policy.
