Details About Premium Illustration for a policy term and PPT of 10 years: Policy Details Grace period: 15 days grace period is allowed for monthly mode and 30 days for other modes Policy termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges 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 4 Free Partial withdrawals are allowed every year 4 Free switches are allowed every year for switching between funds Future premiums can be redirected to a new fund via the Premium Redirection option of which 4 redirections are free of cost Exclusions The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.
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The insured will get the total Fund Value on Maturity Maturity Proceeds can be availed in equal instalments post maturity over a period of 5 years through the Settlement Option On death of the policyholder, higher of the Sum Assured or Fund Value or 105% of premiums paid is payable to the nominee Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.