For the minor where entry age is below 5 years the risk cover will start one month prior to the second policy anniversary. Incase of death during the 1 year and 11 months from the date of commencement of the policy for minor lives where entryage was below 5 years, the company will pay 105% of total premiums paid till date of death. Once the risk cover starts thedeath benefit would be as per the benefit offered for Entry Age above 5 years.
- For life assured with entry age above 5 years:
The death sum assured, irrespective of survival benefit already paid, at any time during the policy term is either equal to or
higher than of:
- 10 times of annualized premium or
- 105% of premiums paid till date of death or
- Minimum guaranteed sum assured on maturity or
- Absolute amount assured to be paid on death, as per policy terms and conditions
- For life assured with entry age below 5 years
Survival Benefit has three components as given below:
- Cashback: From the 21st policy year the plan provides a regular payout (cash back) increasing at a simple rate of 6% perannum. The payout will be made on monthly basis wherein the payout amount would be equally distributed over the12 months of each policy year.
- Lump-sum Benefit: On survival of the life assured till the end policy year 40, a lump-sum amount as % of sum assured is payable as given in the table below:
|Entry age of the life assured
||Lump-sum at the end of Policy Year 40
|Age 91 days – 20 years
||150% of sum assured
|Age 21 – 40 years
||120% of sum assured
|Age 41 – 50 years
||100% of sum assured
- Maturity Benefit: Further lump-sum equal to 100% Sum Assured is payable on survival of life assured till maturity i.e.100 years of age last birthday.
|Premium Discontinuance and Paid Up Benefits
||If all premiums have not been paid for at least three consecutive years then paid-up value is nil.If all the premiums have been paid for at least three consecutive years then the policy will continue as a ‘Reduced Paid-up’policy.
The sum assured in paid-up cases will be revised to ‘paid-up sum assured’ as below:
Paid-up sum assured (PSA) = Sum assured *No of premiums paid / No of premiums payable.
The Death and Survival Benefits will also undergo a revisionaccordingly, please refer terms and conditions.
The policy acquires surrender value if all the premiums have been paid for at least three consecutive years. On surrenderanytime thereafter, the surrender value 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 is available once it acquires surrender value. Maximum loan amount available is 90% of surrender valueoffered by the Company. Interest will be charged on the outstanding loan amount at a rate declared by the Company fromtime to time based on then prevailing market conditions and will be equal to “SBI Base rate(minimum rate at which SBIlends) + 1.75%”.
|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:
- Payor Waiver Benefit Rider : This rider waives future premiums in case of death, Critical Illness or total and permanent disability due to accident of the proposer (payor) so that the Life Insuredcontinues to get the benefits.
- Accidental Death Benefit Rider : This rider provides for additional financial security in case any death occurs due to accident. Also, the benefit is payable in lumpsum.
- Accidental Total and Permanent Disability Rider : This rider provides the insured with a lump sum to cater to any immediate expenses in case the insured’s income earning capacity is hindered due to an accidental disability (total & permanent).
- Term Rider : This rider provides the insured with a lumpsum amount in addition to the base plan cover to provide increased security to the dependent family.
- Waiver of Premium Rider : This rider waives of future premiums in case the insured suffers from Critical Illness or total and permanent disability due to accident.
- Critical Illness Rider : This rider provides the insured with a lumpsum to cater to any immediate expenses in case the insured’s income earning capacity is hindered in the event of critical illness.
|Free Look / GracePeriod
||15 / 30 days