Benefits

Death benefit:

On death during first five policy years:

Before the date of commencement of risk : Refund of Single Premium without interest.

Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.

After the date of commencement of risk : "Sum Assured on Death" equal to 10 times the tabular single premium shall be payable.

On death after completion of five policy years but before the stipulated Date of Maturity:

"Sum Assured on Death "equal to 10 times the tabular single premium along with Loyalty Addition, if any, shall be payable.

Maturity Benefit:

On maturity, the Maturity Sum Assured along with Loyalty Addition, if any, shall be payable.

Loyalty Addition:

Depending upon the Corporation's experience, the policy shall participate in the profits in the form of Loyalty Addition. The Loyalty Addition, if any, shall be payable on death or surrender, provided the policy has run for atleast five policy years, or on policyholder surviving to the maturity, at such rate and on such terms as may be declared by the Corporation.

Other Features

Surrender Value:

The policy can be surrendered at any time during the policy year. The Guaranteed Surrender Value allowable shall be as under:

• First year: 70% of the Single Premium.
• Thereafter: 90% of the Single Premium.

Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.

The Corporation shall pay Special Surrender Value as applicable as on date of surrender provided the same is higher than Guaranteed Surrender Value.

If the policy is surrendered after completion of five policy years applicable Loyalty Addition, if any, shall also be payable.

Tax:

Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax as applicable from time to time.

The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on single premium including extra amount if charged under the policy due to underwriting decision, which shall be collected separately over and above in addition to the premium payable by the policyholder. The amount of Tax paid shall not be considered for the calculation of benefits payable under the plan.

Free Look Period :

If the Policyholder is not satisfied with the "Terms and Conditions" of the policy, the policy may be returned to the Corporation within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of Total Premium paid (being sum of single premium and any extra amount if charged under the policy due to underwriting decision) after deducting the proportionate risk premium for the period on cover, stamp duty charges and any charges incurred on medical examination and special reports.

Exclusions:

Suicide: The policy shall be void if the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of the risk, an amount which is higher of 90% of the Single Premium or Surrender Value shall be payable. The Corporation will not entertain any other claim under this policy.

This clause shall not apply in case of Life Assured whose age at the time of entry is below 8 years i.e. if age of the Life assured is below 8 years, refund of Single Premium without interest shall be payable.

Note: Single Premium mentioned above shall not include any extra amount if charged under the policy due to underwriting decision and taxes.

Brochure

Brochure