The policyholder has a choice of two options for life cover.
The policyholder has a choice of five different unit linked funds in which to allocate their investments.
The policyholder can manage their investment portfolio through features such as premium redirection, switching between funds, Auto Rebalancing Option and Safety Switch Options.
Details About Premium
Benefit illustration for 40 year old male. Option 2 life cover chosen. Sum Assured = 10 X Annual Premium. Policy Term of 10 years
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.
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.
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.
Policyholders may opt to change the allocation of future premiums with the Premium Redirection facility.
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 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.