Product Specification-triple-anand-advantage-plan

Details About Premium Policy Details Grace Period: There is a limited timeframe of 30 days from the due date of the unpaid premium to pay all dues, without interest. For premium payments through monthly mode, the Grace Period is 15 days. If due premiums of the first three years are not paid within the Grace Period, the policy will lapse. Policy Termination or Surrender Benefit: Surrender Value of the policy is acquired when the policyholder pays all due premiums for the first three years. After three years, the policy may be surrendered and the Surrender Value will be paid immediately. Termination of the policy occurs on payment of the Surrender Value or the Death Benefit. If premiums have not been paid for the first two years and the policy is not get reinstated by the policyholder, then the policy will automatically get terminated. Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. This timeframe is extended to thirty days if the policy was sold via distance marketing. If the policyholder does not wish to continue with the policy, then he or she has to return the policy stating their objections. The customer will receive the policy 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 Once the policy has acquired Surrender Value, a policy loan may be taken, provided it does not exceed 85% of the Surrender Value. Provided all due premiums have been paid, Future Generali will declare a compound reversionary bonus starting from the first year, which will be applied as a percentage of the Sum Assured and all previous bonuses that may have been declared. Reversionary Bonus and Terminal Bonus is payable on death or maturity. Additional Features or Riders The mode of payment may be changed during the policy term if the policyholder provides a written request to the Company stating valid reasons for the change. The revival of a lapsed policy is possible if the policyholder submits a written request for reinstatement within a timeframe of two years from the date of the first unpaid 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 or reinstatement. The company will refund only 80% of the premiums paid and Surrender Value, as Death Benefit.