Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and required KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
It is a traditional non-participating plan regular premium payment option There are 2 plan option of Plan A and Plan B where 100% of the premiums paid are returned under Plan A and 110% to 150% of premiums returned is paid under Plan B depending on the term chosen
On Maturity the Guaranteed Sum Assured on Maturity is payable which is equal to basic SA including accrued Guaranteed Additions @ 7% and vested Simple Reversionary Bonuses On death, the nominee gets the SA on death Sum Assured on death is the higher of : Basic SA or Maturity SA 10 times the annual premium 105% of all premiums paid till death Income tax benefit on the premium paid as per Section 80C and on the claim received as per Section 10(10D) of the Income Tax Act. Product Specification: Details About Premium Annual premium in Rupees for 30 year old male and female with SA 7.5 Lakhs Policy Details Grace Period: 30 days grace period is allowed for payment of premium. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the plan after 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loans are not available
