Maturity Benefit:
On the Life Assured surviving the maturity date of the contract, balance in the Policyholder’s Account shall be payable.

Death Benefit:
In case of unfortunate death of the Life Assured during the policy term, when the cover is in full force, Sum Assured along with the balance in Policyholder’s Account shall be payable.

Guaranteed Interest:
Guaranteed interest rate shall be applicable on Policyholder’s Account and not on the gross premium paid by the Policyholder.

The Policyholder’s Account i.e both Policyholder’s Regular Premium Account and Policyholder’s Top-up Premium Account will earn an annual interest of 6% p.a. provided the policy is inforce and 5% p.a. if the policy is paid-up. The interest rates will be guaranteed for the whole of the policy term.

During the revival period Policyholder’s Account will earn guaranteed interest rate of 5% p.a. On revival of policy, the guaranteed rate of interest on Policyholder’s Account will again be 6% p.a. from the date of revival.

The interest amount will be calculated on day to day basis on balance in the Policyholder’s Account after deduction of all due charges and shall be credited to the Policyholder’s Account at the end of each calendar month.

Additional Interest:
The Corporation may also declare an additional interest rate on Policyholder’s Regular Premium Account for inforce policies based on the experience under this plan.

SURRENDER:

The policy will acquire Surrender benefit immediately on payment of the first instalment premium. The surrender value will be as under:

Surrender before completion of third policy anniversary:

The surrender benefit is payable only after completion of third policy anniversary and   will be the balance in the Policyholder’s Account as on the date of surrender. During the lock-in period of 3 years from the date of commencement of policy no charges will be deducted from the Policyholder’s Account and no further interest will be credited from the date of surrender.

• Surrender on or after completion of 3rd policy anniversary:

Balance in the Policyholder’s Account shall be payable.         

DISCONTINUANCE OF PREMIUMS:

If premiums are not paid within the days of grace, the policy shall become a paid-up policy. The Life Assured shall have an option to revive the paid-up policy within 12 months from the date of first unpaid premium. During the revival period the life cover will cease and no mortality charges shall be deducted. The balance in the Policyholder’s Account during the period of revival will earn guaranteed interest rate of 5% p.a. without debiting any expenses. On revival of policy, the guaranteed rate of interest on Policyholder’s Account will again be 6% p.a. from the date of revival.

The benefits payable under the policy in different contingencies shall be as under:
     
       I.  In case of Death: The balance in the Policyholder’s Account is payable.
     
      II. On Maturity: The balance in the Policyholder’s Account is payable.

     III. In case of Surrender: Surrender benefit payable is as under:
      
Duration from date of commencement Surrender Benefit
Before completion of third policy anniversary The surrender benefit is payable only after completion of third policy anniversary and   will be the balance in the policyholder’s Account as on the date of surrender. During the lock-in period of 3 years from the date of commencement of policy no charges will be deducted from the Policyholder’s Account and no further interest will be credited from the date of surrender. 

On or after completion of 3rd policy anniversary Balance in the Policyholder’s Account
shall be payable.

COMPULSORY SURRENDER:

      The policy shall be surrendered compulsorily in following cases:

• If less than 2 years’ premiums are paid and the policy is not revived during the revival period of 12 months, the policy shall be terminated compulsorily. The balance in the Policyholder’s Account shall be refunded on completion of third policy anniversary. No charges shall be deducted and no interest will be credited from the date of compulsory termination. In case of death, balance in the Policyholder’s Account shall be paid without waiting for completion of third policy anniversary.     

• If any loan has been taken under the policy, and if, at any point of time, the balance in the Policyholder’s Account is less than or equal to loan outstanding alongwith interest thereon, then the policy shall be compulsorily terminated and nothing shall be payable to the Policyholder.
  
  LOAN:

Loan will be granted under the policy after completion of one year provided at least one full year’s premiums have been paid, subject to the following terms and conditions:

• It will be available maximum to the extent of 60% of the amount in the Policyholder’s Account
• Minimum amount of loan that can be granted at any time shall not be less than `1000
• If at any point of time during the term of the contract the Policyholder’s Account is less than or equal to the loan outstanding alongwith interest thereon, then policy shall be compulsorily terminated and nothing shall be payable to the policyholder.

The rate of interest charged for this loan amount would be determined from time to time
by the Corporation.