On maturity, Guaranteed Annual Payouts expressed as a % of Sum Assured and depending on the policy term, PPT and premium amount is paid form the end of the term till 19th year.
At the end of the 20th year, 100% of the Sum Assured is paid
The Annual Payouts can be taken in lump sum discounted @ 5%
On death of the policyholder , higher of the basic SA on Maturity including Simple reversionary bonuses and Terminal Bonus, if any, or 11 times the annual premiums or 105% of premiums paid is payable
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.