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Just
as in the case of limited payment whole
life polices, here, too, the payment of
premium can be limited either to a single
payment or to a term shorter than the policy.
The endowment is, however, payable only
at the end of the policy term, or on death
of the policy holder if it takes place earlier.
If payment of the premiums ceases after
at least three years' premiums have been
paid, a free paid-up Policy for an amount
bearing the same proportion to the sum assured
as the number of premiums actually paid
bears to the number stipulated for in the
policy, will be automatically secured provided
the reduced sum assured, exclusive of any
attached bonus, is not less than Rs.250.
Such reduced paid-up Policy will not be
entitled to participate in the profits declared
thereafter, but such Bonus as has already
been declared on the Policy will remain
attached hereto. | | |
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