Death Benefit
On unfortunate demise of the life insured during the Policy Term while the Policy is in force for full Policy Benefits, the Company will pay Death Sum Assured as lump sum to the Nominee.
The plan also provides an additional death benefit (Additional Shield Cover) after all due premiums have been paid under the Policy. Death Sum Assured is defined as follows:
Limited Pay & Regular Pay Option
Highest of:
-
10 times of Annualized Premium* or
-
Maturity Sum Assured; or
-
Absolute amount assured to be payable on death which is equal to Base Sum Assured (Option-A Level Cover option) or Reducing Sum Assured (Option-B Reducing Cover option), as applicable.
Death Sum Assured shall at least be equal to 105% multiplied by the total premiums paid# as on date of death
Single Pay Option
Highest of:
-
125% of Single Premium*or
-
Maturity Sum Assured; or
-
Absolute amount assured to be payable on death which is equal to Base Sum Assured (Option-A Level Cover option) or Reducing Sum Assured (Option-B Reducing Cover option), as applicable.
Death Sum Assured shall at least be equal to 105% multiplied by the total premiums paid# as on date of death
#Premiums Paid for this purpose is Premium exclusive of any underwriting extra and taxes, if any
*The Annualized/Single Premium shall be the Premium payable in a Policy Year chosen by the Policyholder, excluding the underwriting extra Premiums, taxes and loadings for modal Premiums, if any
Additional Shield Cover
Additional Shield Cover means the death benefit payable in addition to the Death Sum Assured after Premium Payment Term is over and complete Premiums payable under the Policy has been paid. The Additional Shield Cover shall vary for each Policy Year and shall be calculated by multiplying the Annualized Premium (or Single Premium, as applicable) with the Factor specified in the Table below.
|
Additional Shield Cover as a Multiple Of Single/Annualized Premium^
|
|
Policy Term
|
10
|
15
|
20
|
7
|
10
|
10
|
12
|
15
|
15
|
20
|
|
Premium Payment Term
|
1
|
1
|
1
|
7
|
5
|
10
|
12
|
7
|
12
|
10
|
|
Policy year Of Death
|
|
1
|
10/10
|
15/15
|
20/20
|
NA
|
|
NA
|
NA
|
|
|
|
|
2
|
9/10
|
14/15
|
19/20
|
NA
|
|
NA
|
NA
|
|
|
|
|
3
|
8/10
|
13/15
|
18/20
|
NA
|
|
NA
|
NA
|
|
|
|
|
4
|
7/10
|
12/15
|
17/20
|
NA
|
|
NA
|
NA
|
|
|
|
|
5
|
6/10
|
11/15
|
16/20
|
NA
|
|
NA
|
NA
|
|
|
|
|
6
|
5/10
|
10/15
|
15/20
|
NA
|
5
|
NA
|
NA
|
|
|
|
|
7
|
4/10
|
9/15
|
14/20
|
NA
|
4
|
NA
|
NA
|
|
|
|
|
8
|
3/10
|
8/15
|
13/20
|
NA
|
3
|
NA
|
NA
|
7
|
|
|
|
9
|
2/10
|
7/15
|
12/20
|
NA
|
2
|
NA
|
NA
|
6
|
|
|
|
10
|
1/10
|
6/15
|
11/20
|
NA
|
1
|
NA
|
NA
|
5
|
|
|
|
11
|
|
5/15
|
10/20
|
NA
|
|
NA
|
NA
|
4
|
|
10 |
|
12
|
|
4/15
|
9/20
|
NA
|
|
NA
|
NA
|
3
|
|
9 |
|
13
|
|
3/15
|
8/20
|
NA
|
|
NA
|
NA
|
2
|
12 |
8 |
|
14
|
|
2/15
|
7/20
|
NA
|
|
NA
|
NA
|
1
|
11 |
7 |
|
15
|
|
1/15
|
6/20
|
NA
|
|
NA
|
NA
|
0
|
10 |
6 |
|
16
|
|
|
5/20
|
NA
|
|
NA
|
NA
|
|
|
5 |
|
17
|
|
|
4/20
|
NA
|
|
NA
|
NA
|
|
|
4 |
|
18
|
|
|
3/20
|
NA
|
|
NA
|
NA
|
|
|
3 |
|
19
|
|
|
2/20
|
NA
|
|
NA
|
NA
|
|
|
2 |
|
20
|
|
|
1/20
|
NA
|
|
NA
|
NA
|
|
|
1 |
^The multiples are given in terms of fractions or whole numbers for making it easy for the Policyholder to understand. The fractions would be rounded to 2 decimal points for death benefit calculation.
The Additional Shield Cover will not be given in case of Reduced Paid-Up policies.
Maturity Benefit
On survival of Life Insured to Maturity Date and provided the Policy is in force for full Policy Benefits, the Company will pay an amount equal to Maturity Sum Assured, where Maturity Sum Assured is defined as below:
|
Premium Payment Option
|
Maturity Sum Assured
|
|
Limited Pay & Regular Pay
|
Total Premium Payable under the policy (excluding any underwriting extras and taxes, if any)
|
|
Single
|
Single Premium (excluding any underwriting extras and taxes, if any)
|
Note: The plan guarantees Return of Premiums on maturity. However extra premiums collected, if any would not form part of maturity benefit
The maturity benefit will be paid in both the options- Level Cover and Reducing Cover.