Maturity Benefit (For In-force policies):
For both the Income Plan options, on survival of the life assured till the end of the policy term, 110% of the Total Premiums paid would be refunded at the end of the policy term.
Survival Benefit (For In-force policies):
For both the Income Plan options, Guaranteed income will be paid during the payout period depending on the payout frequency chosen provided the Life assured is surviving.
Death Benefit (For In-force policies):
The death benefit under the two income options are as follows:
1. Life Income: On death of the life assured at any time during the policy term, Sum assured on death is payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.
2. Guaranteed Income: The death benefit payable before the commencement of the payout period and during the payout period are different.
- On death of the life assured before the commencement of the payout period, Sum assured on death is payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.
- On death of the life assured after the commencement of the payout period, Sum assured on death is payable as lumpsum to the nominee or legal heir of the life assured and the nominee or legal heir shall continue to receive the future Guaranteed Income during the payout period. The nominee or legal heir shall have an option to receive the discounted value of the future Guaranteed Income, in the form of a lumpsum, anytime during the Payout Period, discounted at 8.25% per annum.
Where sum assured on death is higher of the following
- Basic Sum Assured = 11 times of annualised premium^ or
- 105% of total premiums paid# upto the date of death or
- Annual Guaranteed Income * Death Benefit Factor for Guaranteed Income + Maturity Benefit * Death Benefit Factor for Maturity Benefit
^Annualized premium shall be the premium amount payable in a year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
#Total Premiums paid means total of all the premiums paid under the base product , excluding any extra premium and taxes, if collected explicitly.
