Policy Details Grace Period: The policy gives policyholders thirty days to pay all due premiums.The policy will acquire a “Discontinued” status if payment is not made within the applicable timeframe. Policy Termination or Surrender Benefit: If the policy is surrendered before the completion of 5 years, then the insurance cover ceases, and the Fund Value will be transferred to the Discontinued Policy Fund. Proceeds from this will be payable only after the fifth policy anniversary. In case of the death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. After completing five policy years, if it is surrendered, then there is no Surrender/Discontinuance Charges, the Fund Value is paid to the policyholder, and the policy will terminate immediately. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit. The policy will also automatically terminate if at any time the Fund Value falls below or become equal to one years regular premium because of poor market performance. In that case, the Fund Value is paid to the policyholder. Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated premium minus a proportionate premium for the risk borne by the company, including as any extra expenses, such as towards a medical examination or stamp duty charges. Inclusions The policyholder may increase or decrease the Sum Assured as per their changing life coverage. This change can be done from the sixth policy year onwards. Policyholders may opt to change the allocation of future premiums with the Premium Redirection facility. The policyholder may switch between the five unit-linked funds at any point of time during the policy term. The minimum amount that can be switched is Rs. 10000. Additional Features or Riders Various charges apply to this policy. They are as follows: Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder Policy Administration Charge is deducted at the start of each month. Fund Management Charges are deducted daily while calculating the NAV of the funds. At the beginning of each month, Mortality Charges are deducted by the cancellation of units from the fund value. Switching Charge – There is a limit of six free switches allowed in a single policy year. Subsequently each switch is charged at Rs. 250 per switch. Partial Withdrawal Charge – The first four partial withdrawals are free, while subsequent withdrawals are charged at Rs. 250 per withdrawal. Miscellaneous Charge is there for medical examination expenses in case of an increase in the Sum Assured. A Discountenance Charge is levied on policies that are discontinued before the end of the lock-in period of the first five years. The revival of a lapsed or discontinued policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium and pays all due premium. Exclusions The term insurance cover is void if the person insured, whether sane or insane at the time, commits suicide within one year from the start of the policy cover. The company will refund the Fund Value as on the date of death.
