Q 1: What are the non-forfeiture benefits provided by the plan? Ans: Below are the surrender benefits available under the plan: The policyholder can anytime surrender his policy during the policy term, given if the policyholder has paid at least 3 years of his premiums. The policyholder is paid a higher of, Non-Guaranteed Special Surrender Value or the Guaranteed Surrender Value, if he decides to surrender his policy. The Guaranteed Surrender Value shall be as follows: If the policy is surrendered in the 3rd policy year, then 30% of the total premiums paid. If the policy is surrendered in the 4th and 7th policy year, then 50% of the total premiums paid. If the policy is surrendered in the 8th and 10th policy year, then 60% of the total premiums paid. If the policy is surrendered after 10th policy year, then 65% of the total premiums paid. The Special Surrender Value shall be the best-estimated policy value at the time of surrender. The policy value shall be estimated periodically according to the financial and other circumstances. If the policyholder surrenders his/her policy, then a higher of the Guaranteed Surrender Value and Special Surrender Value shall be paid. On policy surrender, all the policy rights shall be dismissed along with the applicable policy benefits. Q 2: What are the conditions for making policy claims on the death of the insured? Ans: Below are the conditions for making the death claims under the plan: The policyholder or his nominee or his legal heir should send documented information about the death of the insured individual, mentioning the policy number with the cause and date of death. The company requires the following documents to process the claims further: Original policy documents. Original death certificates from authorized bodies. Claimants statements and claim forms in prescribed format. Any other policy documents including the post-mortem report, first information report, where applicable. Claims under the policy can be filed within 90 days of the date of death. Q 3: What are the conditions on making the claims on the maturity of the policy? Ans: Below are the conditions for making claims on policy maturity: The policyholder is required to submit the original policy documents and the discharge form to further process the surrender request. If the policyholder assigns an “Assignee”, then the maturity claims shall be paid to the Assignee. If the policyholder does not assign an “Assignee” for his policy, then the maturity claims shall be paid to the policyholder. Q 4: What are the conditions on making claims while policy surrender? Ans: Below are the conditions for making claims while surrendering his policy: The policyholder has to submit the policy documents and a discharge form to process the surrender request. If the policyholder assigns an “Assignee”, then the surrender value shall be paid to the Assignee. If the policyholder does not assign an “Assignee” for his policy, then the surrender value shall be paid to the policyholder. In the case of the death of the policyholder after the surrender request, the surrender value shall be paid to his legal heir or the beneficiary. Q 5: What are the conditions of policy termination? Ans: The policy shall terminate on early occurrence of any of the following events: On payment of the death benefit. On payment of maturity benefits. On payment of the surrender value. On payment of the free-look cancellation amount. On policy being at the lapsed status without acquiring any paid-up value and expiry of the renewal period. BNP Paribas Cardif Proposes to Increase Stakes in SBI Life Insurance to 36% IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders The Biggest Refund Order of Rs. 275 Crore Issued by IRDA to Sbi Life
