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Death Benefit: In case of unfortunate death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.

Maturity Benefit: Nil

MODE OF PAYMENT OF PREMIUMS      
Premiums may be paid Yearly, Half-yearly or by Single Premium mode.

PREMIUM RATES
The tables below provide specimen tabular premiums for various age-term combinations for Rs. 1000/- Sum Assured


Annual Premium:

Age
(yrs.)

Term of the Policy (years)

5

10

15

20

25

30

35

20

1.97

1.97

1.97

1.97

2.05

2.18

2.38

25

2.07

2.07

2.08

2.18

2.35

2.61

2.94

30

2.13

2.19

2.36

2.57

2.92

3.36

3.88

35

2.43

2.64

2.94

3.40

3.97

4.65

5.47

40

3.04

3.43

4.07

4.81

5.70

6.77

-


Single Premium:

Age
(yrs.)

Term of the Policy (years)

5

10

15

20

25

30

35

20

8.12

13.71

18.12

22.03

25.86

29.84

34.51

25

8.55

14.33

19.46

24.49

29.70

35.84

42.79

30

8.81

15.54

22.14

28.99

37.04

46.18

56.37

35

10.07

18.73

27.72

38.31

50.31

63.71

78.88

40

12.62

24.45

38.38

54.18

71.81

91.79

-

REBATES:

Large Sum Assured Rebates: The reduction in tabular premiums for different Sum Assured ranges are given below:

Sum Assured

Regular Premium

Single premium

Up to Rs.99 lakh

-

-

Rs.1 Crore and above

-

Rs.0.50 %o SA

MODE EXTRA : 2.00% of tabular annual premium for half-yearly mode.

ELIGIBILITY CONDITIONS

Minimum age at entry                         -           18 Year (Completed)
Maximum age at entry                        -           60 years (nearest birthday)
Maximum age at maturity                   -           70 years
Policy term                                        -           5 to 35 years
Minimum Sum Assured                       -           Rs.25,00,000/-
Maximum Sum Assured                      -           No upper limit
(Sum Assured shall be in multiples of Rs.1,00,000/-)

GRACE PERIOD:
A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.

PAID UP VALUE:
The policy shall not acquire any paid-up value.

REVIVAL
If the Policy has lapsed, it may be revived during the life time of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be fixed by the Corporation from time to time compounding half-yearly.

SURRENDER VALUE:
No Surrender Value will be available under this plan.

LOAN:
No loan will be available under this plan.

COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days.

EXCLUSIONS:

Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.

Section 45 of Insurance Act, 1938:
No policy of life insurance shall after the expiry of two years from the date on which it was effected, be called in question by an insurer on the ground that a statement made in the proposal for insurance or in any report of a medical officer, or referee, or friend of the insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.

Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life assured was incorrectly stated in the proposal.

Prohibition of Rebates (Section 41 of INSURANCE ACT ,1938) :
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy nor shall any person taking out or renewing or continuing a policy accept any rebate except such rebates as may be allowed in accordance with the published prospectuses or tables of the insurer provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taking out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provision of this Section shall be punishable with a fine, which may extend to 500 rupees.

Note: Conditions apply for which please refer to the Policy document or contact our nearest Branch Office.

 

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