Additional Features or Riders-live-smart-plan

To revive a lapsed policy, the policyholder needs to submit a reinstatement request, and it can be done within two years from your first unpaid premium. The plan offers the leverage to decrease the sum assured by the policyholder wherever the requirement of the protection goes down. Following are the Charges Applied to This Policy: The term offers a Premium Allocation Charge which gets deducted from the premium which is paid by the customer. The balance amount gets into the investments which the policyholder chooses. Policy Administration Charge gets deducted every month at the very beginning. Talking about annual charges, we have Fund Management Charge that gets deducted annually at a rate of 1.35% on all funds, excluding the Discontinued Policy Fund. Mortality Charges get subtracted each month by the cancellation of units from the fund value. In a policy year, the policyholder is allowed 20 free switches. Besides the free switches, each switch costs 0.5% of the amount switched by the user. This is known as switching charge. The maximum amount permitted is Rs. 500/-per switch. For those who wish to discontinue the plan before the end of the policy, a Discontinuance Charge will be levied. Along with these charges, there are miscellaneous charges that are levied on a timely basis in the form of education cess and service tax. Exclusions Let us suppose the policyholder commits suicide, within one year of opting for the policy cover, irrespective of the mental condition of the person, the insurance cover becomes null. The Fund Value will be refunded on the date of death. Any accidental death cover is not given to the person when the death is caused by factors that have a direct or indirect connection to drug abuse, alcohol, inability to seek or follow any medical advice, indulging in communal riots or war, functional or mental disorder, engaging themselves in heinous pastimes, participating in racing, excluding athletics, etc. Documents Required The policyholder needs to fill in an `Application form that requires his photo identity proof (PAN Card, Passport or Driving License) along with income proof such as your latest ITR or Form 16 or even your salary slips of last three months.