Guaranteed Additions in the first 5 years @ 4% of the Sum Assured On death of the policyholder, Guaranteed Death Benefit + accrued Guaranteed Additions + vested reversionary bonuses + Terminal Bonus, if any, is paid Guaranteed Death Benefit is the higher of the basic SA or 10 times the annual premium An Additional benefit equal to the SA is paid in case of accidental death On Maturity, Sum Assured + accrued Guaranteed Additions + vested Reversionary Bonuses and Terminal Bonus if any is paid to the policyholder Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Details About Premium Annual premium in Rupees for a 35 year old male with a term and PPT of 20 years and SA 1 lakh Policy Details Grace Period: 15 days grace period is allowed for premium payment in monthly mode and 30 days in annual and half-yearly mode. If policyholder fails to make payment within the grace period, the policy lapses Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value. GSV = (GSV % of Premiums paid + GSV% of vested Bonuses + GSV% of accrued Guaranteed Additions Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim. Inclusions Loan is available under the plan with a minimum amount of Rs.5000 and maximum of 85% of the Surrender Value Additional Features or Riders Rebates in premium for choosing annual mode @ 3% If 3 full premiums are paid and subsequent premiums are missed, the policy continues with full insurance cover for 2 years under the Auto Cover Continuation feature Exclusions In case of suicide committed within 12 months of policy inception or revival only the premiums paid or the Surrender Value is refunded In case of accidental benefit rider, accidents due to service in the army, self-inflicted injury, alcohol abuse, aviation, acts of criminal nature, war or terrorism, participating in hazardous activities, etc. are excluded
Introduction/Overview Savings Plan is a traditional participating savings plan which aims to build a strong corpus over time to take care of the policyholder and his family Key Features It is a participating plan with limited and regular premium payment option There is an inbuilt Accidental Benefit Rider Guaranteed Additions are added in the first 5 policy years Simple reversionary bonus, Interim Bonus and terminal bonus add to the corpus.
