What are the different boundary conditions available under this plan?

Boundary Conditions for Level cover:

Note: Income Benefit is only available for a ‘Non-smoker’ Life Assured

Boundary Conditions for Life-stage cover:

Boundary conditions for Policies sourced as POS products:

Only Return of Premium Option is available under policies sourced as POS products. Only Life and Life Plus can be chosen as Benefit Options under policies sourced as POS products

Other Boundary Conditions:

^{^} Critical Illness Benefit is not available with Premium payment term of Limited Pay 12, 15 and 20 years

Can I take life-stage cover with Income Benefit?

No. Life-stage cover is only available with two plan options: “Return of Premium with Life-stage cover” and “Early return of premium with Life-stage cover”. Level cover is only available with two plan options: “Return of Premium” and “Income Benefit”

What are the death benefit payout option available under this plan?

The customer can choose to take the death benefit in the form of:

1. Lump sum Option – the entire benefit amount is payable as a lump sum
2. Income Option – 20% of the benefit amount is payable every year for 5 years. This will be paid in equal monthly instalments in advance at the rate of 1.66667% of Death Benefit Amount. The beneficiary can also advance the first year’s income as lump sum. The monthly income will start from the subsequent month for 4 years at the rate of 1.34% of the Death Benefit Amount
3. Lump sum and Income Option – The percentage of the Sum Assured to be paid out as lump sum is chosen at inception. The balance Sum Assured will be paid out in equal monthly instalments in advance at the rate of 1.66667% per month over 5 years

For ‘Income’ Option and ‘Lump sum and Income’ Option, the Claimant as the case may be, will have the option to convert the outstanding monthly income into lump sum pay out and the policy will terminate after the lump sum payout and all rights, benefits and interest shall be extinguished. The lump sum amount will be the present value calculated at a discount rate of 2% p.a.

Can I add ADB (Accidental death benefit) during the policy term?

If ADB has not been chosen at inception, You have an option to add Accidental Death Benefit(ADB) in regular pay policies anytime during the policy term except in last 5 years. The addition of ADB will be effective from the next policy anniversary

Following conditions apply for addition of ADB during the policy term:

1. The policy must be in-force at the time of adding the Benefit
2. There must not have been any claim in the policy till the time of opting of AD Benefit
3. The availability of the AD benefit will be subject to underwriting, as per the prevailing board approved underwriting policy
4. The AD Benefit will commence from subsequent policy anniversary for the remaining policy term or till age 80, whichever is lower. You will have to pay an additional premium corresponding to this Benefit. Life Assured’s then age must be less than or equal to 55 years (age last birthday)
5. The Benefit once added, cannot be removed

How many critical illnesses are covered under Critical Illness(CI) benefit?

Will I have the CI benefit available to me throughout the policy term?

Can I claim CI multiple times for any illness?

1. Minor Critical Illnesses:
   1. Multiple claims for unique minor critical illnesses under CI benefit can be made till CI benefit Sum Assured gets exhausted
   2. Once a claim has been paid for a specific minor CI, there can’t be another claim for the same minor CI in future
2. Major Critical Illnesses:
   1. There can only be one claim for anyone of the major CIs as the residual CI benefit Sum Assured gets paid out and CI benefit is terminated

Does my premium change post any CI claim?

If a minor CI claim has been paid out, the CI Sum Assured and premium will be proportionately reduced. Post a major CI claim has been paid out, CI benefit will terminate and premiums corresponding to CI will not be required to be paid

Are my CI premiums fixed for the entire CI benefit term?

1. For Limited and Single pay: Yes, the CI premium is fixed as CI benefit term can be for maximum 15 years
2. For regular pay: No, the CI premium may be subject to revision post 15 years, after which they can be revised for every block of three years, with prior approval of IRDAI

Do I have to pay for CI benefit once the CI benefit term is over?

Is there any waiting period for CI benefit and ADB benefit?

Accidental Death Benefit: No waiting period.
Waiting Period for Critical Illness Benefit:

1. For Angioplasty, Carcinoma-in-situ, Brain Aneurysm Surgery and Small Bowel Transplant an initial waiting period of 180 days applies from the date of commencement of risk or policy revival date where the due premium has not been paid for more than 180 days
2. For conditions other than Angioplasty, Carcinoma-in-situ, Brain Aneurysm Surgery and Small Bowel Transplant, there is a waiting period of 90 days from the date of commencement of risk, or policy revival date where the due premium has not been paid for more than 90 days
3. In case the insured event happens during this period, no benefit shall be payable. However, 100% of the Critical Illness premiums will be refunded and the CI benefit will terminate
4. No waiting period applies for Critical Illness claims arising solely due to an accident

Is there any survival period before CI can be claimed?

In respect of all the benefits payable under Critical Illness benefit and a 7-day survival period is applicable. This refers to the period from the diagnosis and fulfilment of the definition of the conditions covered which the life assured must survive before the benefit will be paid

What are the exclusions in the plan?

1. For death benefit, for other than POS policies: Suicide is the only exclusion. In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the Claimant shall be entitled to at least 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force. The Policy will terminate on making such a payment and all rights, benefits and interests under the Policy will stand extinguished
2. For POS policies, there’s an additional exclusion of waiting period: The Death benefit shall not apply or be payable in respect of any death other than death due to accident during the first 90 days from the Date of Commencement of Risk
   1. In case of a death claim during the waiting period, the Company will refund all premiums paid (including modal loading but excluding Goods and Services Tax and Cesses, if any) and the policy will terminate with immediate effect
   2. No waiting period applies where death is due to accident
3. For Accidental Death Benefit & Critical Illness Benefit: Please refer to the exclusion list provided in the brochure