Benefit Description
Death Benefit
Based on the death benefit option chosen at the time of proposal, any one of the following Death Benefit will be payable in the event Life Assured dies before the Date of Maturity:
- Option 1: The Company will pay to the claimant an amount equal to the Sum Assured, and the Policy will terminate.
- Option 2: The Company will pay to the claimant the following:
- An amount equal to the 50% of the Sum Assured; and
- 3% of the Sum Assured will be paid at the start of every Policy Month for the next 60 months. Claimant will have an option to take the discounted value of the future payouts anytime.
If death occurs during Grace Period Death Benefit will be reduced by the amount of outstanding Policy Premium.
Accidental Death Benefit
If the Life Assured dies due to an Accident, the nominee will be paid an amount equal to the Sum Assured subject to maximum of Rs.1 Crore.
Maturity Benefit
Upon survival of the Life Assured up to the Date of Maturity, no benefit will be payable and the Policy will cease to exist.
Surrender Benefit
No surrender benefit will accrue to the Policy.
Change in Sum Assured
Change in Sum Assured is not allowed during the Policy Term
