Benefit descriptions of My Life + Insurance
The death benefit is equal to the Total Sum Assured and payable on the demise of the insured subject to all due Premiums have been paid. The nominee can choose to receive payouts in the following manner:
- Lump-sum benefit option: Under this option, a lump-sum benefit equal to the sum assured will be paid on death of the life insured and policy will terminate.
- Income benefit option: Under this option, 1% of sum assured will be paid every month for the next 130 months starting from next monthiversary from the date of death.
At the application stage, policyholder can choose a combination of both the options as well when the policy term is same. Under such combination, the sum assured will be arrived at by adding the sum assured of both the options and one single contract will be issued.
Add-On / Rider Benefit
The insured can make their term cover more comprehensive by adding any or all of the riders from the below mentioned options:
Maturity & Surrender Benefit
- Accidental Total and Permanent Disability Rider
- Accidental Death Benefit Rider
- Waiver of Premium Rider
No benefit is payable