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UIN: 111N127V01
Product Code: 2M
Smart Future Choices Plan
Name:
DOB:
Gender:
Male Female Third GenderStaff:
Yes NoSum Assured
Premium frequency
Premium amount
(excluding taxes)
Premium Payment Term
Policy Term
Maturity Benefit
At assumed rate of returns** @ 4%Exercise your ‘Power to Choose’ with various choices
Be confident with Money On Demand^ choice
^ Money On Demand refers to survival benefit payouts available at defined intervals under Flexi Choice option. The policyholder may take or may defer these payouts. The deferred payouts along with applicable interest can be availed in lumpsum anytime during the remaining policy term.
Cash Bonus:
Avail Regular Income through Cash Bonus (if declared) * payable through the policy term with an option to defer the same to earn interest and withdraw as and when needed
*The Cash Bonus(es) for first policy year and second policy year (if declared) shall be payable at the end of second policy year with interest, provided the policy is in-force. From third policy year onwards, the cash bonus (if declared) is payable at the end of every subsequent policy year.
Survival Benefits:
Under Flexi Choice Benefit Option, you will be eligible to get benefit payout of 10% of basic sum assured at specified intervals based on policy term and premium payment term opted
Survival benefits can be availed as payouts when due or can be deferred to earn interest and can be withdrawn as and when needed.
Maturity Benefits:
On survival, till the end of the policy term, following will be payable:
a)Under Classic Choice: Guaranteed Sum Assured on Maturity+ Accumulated Deferred Cash Bonuses, if any + Terminal Bonus, if declared. Where, Guaranteed Sum Assured on Maturity can be upto a maximum of 138% of Basic Sum Assured, based on age, policy term and premium payment term opted.
b)Under Flexi Choice: Guaranteed Sum Assured on Maturity + Accumulated survival benefits, if any+ Accumulated Deferred Cash Bonus, if any, +Terminal bonus, if declared. Where, Guaranteed Sum Assured on Maturity will be equal to 80% of Basic Sum Assured
Death Benefit:
For Classic Choice:
Higher of A or B, where:
A = Sum Assured on Death" + Accumulated Deferred Cash Bonuses, if any+ Terminal bonus, if declared
B = Minimum Death Benefit, which is equal to 105% of total premiums received@ upto the date of death.
For Flexi Choice:
Higher of A or B, where:
A = Sum Assured on Death" + Accumulated Survival Benefit, if any+Accumulated Deferred Cash Bonuses, if any+ Terminal bonus, if declared
B = Minimum Death Benefit, which is equal to 105% of total premiums received@ upto the date of death.
"Sum Assured on Death is 11times of annualized premium#
@Total Premiums Received / Paid means total of all the premiums received, excluding any extra premium and applicable taxes.
#Annualized premium shall be the premium amount payable in a year chosen by the policyholder, excluding the applicable taxes, underwriting extra premiums and loadings for modal premium, if any.
The beneficiary can take the entire death benefit as lump sum or in instalments for a period of 5 years.
Auto cover period:
An Auto cover period is available under the product during which if atleast first 2 full years’ premiums have been paid and any subsequent premium is not duly paid, Auto Cover Period of 1 year from the due date of first unpaid premium shall be available and if atleast 5 full years’ premiums have been paid and any subsequent premium is not duly paid, Auto Cover Period of 2 years from the due date of first unpaid premium shall be available.
During Auto-Cover Period, Survival and Maturity Benefits as applicable for Paid-up policies are payable.
Death Benefit as applicable for in-force policies is payable during the Auto Cover period, with deduction of unpaid and / or balance premium, if applicable.
No cash bonus(es) shall be payable under your policy during the Auto Cover Period.
NW/2M/ver1/02/22/WEB/ENG
You may be eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details click here.