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The policyholder has to fill up an `Application form with identity proof, bank account proof, address proof and a recent photograph. Select cases may require income proof and medical examination.

Details About Premium Benefit illustration for 45 year old male. Single Premium amount = Rs. 1000000. Sum Assured = 110% of Single Premium with 100% investment in Equity II Fund. Policy Details Grace Period: The policy gives policyholders thirty days to pay all due premiums. The policy will acquire a “Discontinued” status if payment is not made within the applicable timeframe. Policy Termination or Surrender Benefit: If the policy is surrendered before the completion of 5 years, then the insurance cover ceases, and the Fund Value will be transferred to the Discontinued Policy Fund. Proceeds from this will be payable only after the fifth policy anniversary. In case of the death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. After completing five policy years, if it is surrendered, then there is no Surrender/Discontinuance Charges, the Fund Value is paid to the policyholder, and the policy will terminate immediately. If the policy is not reinstated within the revival period, the policy is terminated. Termination of the policy also occurs on payment of the Death Benefit. The policy will also automatically terminate if at any time the Fund Value falls below or become equal to one years regular premium because of poor market performance. In that case, the Fund Value is paid to the policyholder. Free Look Period: Policyholders have a limited free look period of 15 days from the date of receiving policy documents to review the policy. If the policyholder does not wish to continue with the policy, then he or she can cancel the policy. The customer will receive the Fund Value plus the unallocated 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 The policy allows policyholders to receive the Maturity Benefit in installments via the Settlement Option. The installments will be received over a maximum period of five years, via monthly, quarterly, half-yearly or yearly modes. The policyholder may switch between the unit-linked funds at any point of time during the policy term. The minimum amount that can be switched is Rs. 10000. The policyholder may increase or decrease the Sum Assured as per their changing life coverage. This change can be done from the sixth policy year onwards. Policyholders may opt to change the allocation of future premiums with the Premium Redirection facility.

The policyholder has to pay a single premium and enjoy coverage for a long-term period. The policy has a choice of five different funds in which policyholders can allocate their investments. Management of investment portfolios can be done through features such as premium redirection, switching between funds, Auto Rebalancing Option and Safety Switch Options.

The revival of a lapsed or discontinued policy is possible if the policyholder submits a request for reinstatement within a timeframe of two years from the date of the first unpaid premium and pays all due premium. Various charges apply to this policy. They are as follows: Premium Allocation Charge, which is deducted from the Premium paid by the customer. The balance is invested in the investments chosen by the policyholder Policy Administration Charge is deducted at the start of each month. Fund Management Charges are deducted daily while calculating the NAV of the funds. At the beginning of each month, Mortality Charges are deducted by the cancellation of units from the fund value. Switching Charge – There is no charge for switching between funds. Partial Withdrawal Charge – The first four partial withdrawals are free, while subsequent withdrawals are charged at Rs. 250 per withdrawal. Miscellaneous Charge is there for medical examination expenses in case of an increase in the Sum Assured. A Discountenance Charge is levied on policies that are discontinued before the end of the lock-in period of the first five years. 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. The company will refund the Fund Value as on the date of death.

On survival until the end of the policy, the policyholder will receive a Maturity Benefit that is the Fund Value as on the date of maturity. In the unfortunate event of the demise of the policyholder, the nominee receives a Death Benefit. The Death Benefit payable is the higher of: The Fund Value, or The Sum Assured minus any partial withdrawals, or Based on the customers risk appetite, there is a choice of five Unit Linked Funds for investment. Loyalty Additions are made from the fifth policy year onwards. Liquidity is available in the form of partial withdrawals, which are allowed from the sixth policy year onward. The minimum amount for partial withdrawals is Rs. 10000. The Auto Rebalancing option and the Safety Switch option helps policyholders manage their investment portfolios. The Auto Rebalancing option maintains the allocation of investments across all funds in a specific proportion throughout the policy term. It is opted for at the inception of the policy. Every three-policy months, the policy automatically rebalances the allocation of the investments in various funds to the allocation proportions that were chosen by the policyholder. Safety Switch Option allows policyholders to move their investments in a systematic manner to a low-risk Liquid Fund in the last four policy years in order to avoid market volatility and movement and to safeguard the funds. Tax benefits are available on the premium paid and Death Benefit as per sections 80(C) and 10 (10D) of the Income Tax Act.

The Shubh Labh Plan is a non-participating endowment Unit Linked Insurance Plan with a single premium payment. It is a non-traditional insurance plan that does not have bonus facility. This plan enables policyholders to plan and prepare for future financial requirements, while providing protection for their loved ones in the unfortunate event of their premature demise.