Benefits-new-creating-life-insurance-plan

On death, Sum Assured on death is payable which is higher of 10 times the annual premium or base SA subject to a minimum of 105% of all premiums paid. Under Option A the whole SA on death is paid as lump sum and in Option B, part of the benefit is paid in lump sum and part in instalments under the Family Income Benefit As per the Family Income Benefit, 50% of the benefit is paid in lump sum and 1% of the benefit is paid in equal monthly instalments for 60 months After death, all future premiums are waived off but the plan continues and the Maturity Benefit is paid on maturity On Maturity, the SA + vested bonuses and terminal bonus, if any is paid subject to a minimum of 101% of all premiums paid Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively