|Entry Age of Life Insured (last birthday)||3 years||50 years|
|Maturity Age (last birthday)||18 years||65 years|
|Policy Term||15 years|
|Premium Paying Term (PPT)||15 years|
|Payout Period||16th - 30th year from policy commencement date|
|Premium Payment Frequency||Annual|
|Minimum Premium||Age 3 to 35: Rs 30,000||No Limit|
|Age 36 to 40: Rs 40,000|
|Age 41 to 45: Rs 50,000|
|Age 46 to 50: Rs 60,000|
|Minimum Sum Assured||Rs 4,83,630||No Limit, subject to underwriting|
|Maturity Benefit||On survival of the life assured till maturity, 200% of the annual premium (excluding rider premium and extra premium) will be paid at the end of each year during the payout period.
After maturity of the policy, if the policyholder/nominee wishes to get the discounted value of outstanding future survival benefits as lump sum during any of the payout year then the discounted value calculated by using the discount rate of 9% per annum will be payable.
|Benefits for Paid Up Policies||If premium is not paid even after the grace period after first two policy years’ full premium payment then the policy may continue as a ‘Paid-up’ policy. The benefits are then revised to:
Benefit during payout period = (Number of premiums paid/ 15) * 200% * annualized premium (excluding rider premium and extra premium)
At maturity if the policyholder wishes to get the maturity benefit as a lump sum, the lump sum maturity benefit would be (Number of premiums paid/ 15 * 16,121) per thousand Annualized Premium (excluding rider premium and extra premium).
Policy will terminate after the payment of lumpsum.
If death occurs any time during the policy term then following death benefit which is lumpsum benefit offered will be equal to – Highest of
|Surrender Value||The Policy can be surrendered provided that at least premium for two policy years has been paid by the policyholder.
On surrender anytime, surrender value, if any, will be immediately paid and policy will be terminated.
The surrender value payable is higher of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
|Policy Loan||Policy loan is available once policy acquires surrender value. Maximum loan amount available is 90% of surrender value offered by the Company. Interest will be charged on the outstanding loan amount at a rate declared by the Company from time to time based on then prevailing market conditions and will be equal to “SBI Base rate + 1.75%”. Changed interest rate will be applicable for new loans only.
For reduced paid-up policies, if at any point of time the outstanding loan amount is equal to or exceeds the surrender value, then the policy shall be terminated without value. Prior to this, the Company will notify when the outstanding loan amount is 95% of the surrender value and will give an opportunity to repay all or part of the outstanding loan amount.
On death of the life assured or surrender of the policy the outstanding loan amount will be recovered from the benefit payable and rest of the benefit amount, if any, will be paid.
On maturity of the policy if there is any outstanding loan amount*, then the insured will be notified of the same and if the insured does not repay the outstanding amount within 3 months of maturity then the outstanding loan amount will be reduced from the discounted value (at the rate of 9%) of the future survival benefit. The remaining value of the discounted future survival benefit, if any, will be payable to You as lump-sum and policy will be terminated.
(*- Where ‘Outstanding loan amount’ is equal to the outstanding principal amount plus accumulated interest)
|Enhanced Protection through Riders||A rider is an add-on provision to the base plan. Riders can help in making the plan more comprehensive by paying an additional premium. Riders can be added at the inception of the policy or at policy anniversary during the Policy Term subject to underwriting and terms and conditions of the riders and the product.
Following riders are available with this plan:
|Free Look / Grace Period||15 / 30 days|