The Sum Assured along with vested bonuses
is payable in a lump sum upon the death
of the life assured after the deferrement
period. If death occurs before the deferrement
period all premiums paid is refunded.
Sum assured along with all bonuses
declared up to maturity date is payable
in lump sum.
These are the optional benefits that can
be added to your basic plan for extra
protection/option. An additional premium
is required to be paid for these benefits.
Buying a life insurance contract is a
long-term commitment. However, surrender
values are available on the plan on earlier
termination of the contract.
The policy may be surrendered after it
has been in force for 3 years or more.
The minimum surrender value allowable
under this policy is as under:
(a) Before the Deferred date : 90% of
the premiums paid excluding the premium
for the first year.
(b) After the Deferred date:
(i) If deferment period is less than 10
90% of the premiums paid before the deferment
date excluding the premiums for the first
year plus 30% of premiums paid after the
(ii) If deferment period is 10 years or
90% of a cash option plus 30% of premiums
paid after the deferred date.
In practice, the Corporation will pay
a Special Surrender Value – which
is either equal to or more than the Guaranteed
Surrender Value. The benefit payable on
surrender is the discounted value of the
reduced claim amount that would be payable
at death or maturity. This value will
depend on the duration for which premiums
have been paid and the policy duration
at the date of surrender.
The Corporation reviews the surrender
value payable under its plans from time
to time depending on the economic environment,
experience and other factors.
Note: The above is the
product summary giving the key features
of the plan. This is for illustrative
purpose only. This does not represent
a contract and for details please refer
to your policy document.