In the event of death of the life assured during the policy term, we will pay highest of A, B, C and D as defined below, provided the policy is in-force:
- A. Sum assured
- B. 105% of total premiums paid including top-up premiums paid till the date of death.
- C. Total premiums paid including top-up premiums paid till the date of death compounded at 1.00% p.a.
- D. Balance in your Individual Policy Account (IPA)
On survival of the life assured till the end of the policy term, we will pay the higher of A or B, where,
- A. Total premiums paid including top-up premiums paid till the date of maturity compounded at 1.00% p.a. less partial withdrawals made, if any.
- B. Balance in your IPA as on date of maturity.
Benefit, as stated above, would be payable only in case your policy is in-force at the end of the term.
Note: In case of death or maturity benefit, the balance in the IPA shall be reduced by the interest credited in advance for the remaining part of the quarter.
- Tax deduction in respect of the premium paid is available under Section 80C of Income Tax Act, 1961. However in case the premium paid during the financial year exceeds 10% of the actual capital sum assured, the tax benefit will be limited up to 10% of the sum assured.
- Tax exemption under Section 10(10D) of Income Tax Act, 1961 is available, subject to the premium payable not exceeding 10% of the actual capital sum assured in any of the years during the term of the policy.
- Tax benefits, are as per the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.
For more details on the risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
