On death, Sum Assured on death is payable which is higher of 10 times the annual premium or base SA subject to a minimum of 105% of all premiums paid.
Under Option A the whole SA on death is paid as lump sum and in Option B, part of the benefit is paid in lump sum and part in instalments under the Family Income Benefit
As per the Family Income Benefit, 50% of the benefit is paid in lump sum and 1% of the benefit is paid in equal monthly instalments for 60 months
After death, all future premiums are waived off but the plan continues and the Maturity Benefit is paid on maturity
On Maturity, the SA + vested bonuses and terminal bonus, if any is paid subject to a minimum of 101% of all premiums paid
Income tax benefit under Sections 80C and 10(10D) for premiums paid and claims received respectively
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
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