What’s the Death Benefit (Life Insurance cover) in the plan?

If the person whose life is covered by this policy (known as the Life Assured) passes away during the term of the policy, the Death benefit will be paid out as a lump sum² to the nominee.

1. On death of the Life Assured during the Waiting Period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:
   1. In case of Accidental Death, for regular premium or limited premium payment policy, equal to Sum Assured on Death which is the highest of:
      1. 10 times the Annualized Premium, or
      2. 105% of all premiums paid as on the date of death, or
      3. Absolute amount assured to be paid on death^#.
   2. In case of Accidental Death, for single premium policy, equal to Sum Assured on Death which is the higher of:
      1. 125% of Single premium or
      2. Absolute amount assured to be paid on death^#.
   3. In case of death due to other than accident, the Death Benefit is equal to 100% of all Premiums paid excluding taxes, if any.
2. On death of the Life Assured after the expiry of Waiting Period but before the stipulated date of maturity and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:
   1. For Regular premium or Limited premium payment policy, “Sum Assured on Death” which is the highest of:
      1. 10 times of annualized premium; or
      2. 105% of all the premiums paid as on the date of death; or
      3. Absolute amount assured to be paid on death^#.
   2. For Single premium policy, “Sum Assured on Death” which is the higher of:
      1. 125% of Single Premium or
      2. Absolute amount assured to be paid on death^#.

^#Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured chosen by You at policy inception.

Is there any maturity value available in the product?

There is no maturity, paid-up value or survival benefit available under this product.

Is there any surrender benefit available under the plan?

Surrender benefit is not applicable in this plan.

Does this plan offer tax benefits?

Yes, tax benefits⁵ may be applicable on premiums paid and benefits received as per the prevailing tax laws.

At what age can I start the plan?

You can start the plan at the age of 18 years. However the maximum age at entry has to be 65 years.

Is death due to suicide covered under this plan?

Yes, death due to suicide is covered in this plan. If death of the policy holder happens due to suicide within a year of date of commencement of risk, the nominee or beneficiary of the policyholder shall be entitled to 80% of the premiums paid till the death in case of regular or limited pay policies and 90% of the premiums paid in case of a single pay policy, provided the policy is in force. Please read the sales brochure for more details.

Is there any policy cancellation value in this plan?

Policy Cancellation Value shall be payable:

1. Upon the Policyholder applying for the same before the stipulated date of maturity in case of Single premium Policy; or
2. Upon the Policyholder applying for the same before the stipulated date of maturity or at the end of revival period if the policy is not revived, in case of Limited Premium Payment Policies
3. The amount payable shall be as follows:

   Single Pay Policies: The Policy Cancellation Value acquires immediately after receipt of Single Premium and is calculated as follows:

   = (70% * Single Premium Paid * Unexpired Policy Term)/Original Policy Term

   Single Premium shall be inclusive of extra premium, if any.

   Limited Premium Payment Term: 5 years or 10 years: The Policy Cancellation Value acquires if at least two (2) consecutive full years’ premiums are paid and is calculated as follows:

   = (70% * Total Premiums Paid * Unexpired Policy Term)/Original Policy Term

   Total Premiums Paid shall be inclusive of extra premiums, if any.

Policy cancellation value is not applicable for regular pay policies.