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- On survival to the end of the selected
accumulation period: Vested reversionary
bonuses in a lump sum will be payable.
- On survival to the end of each year
after the accumulation period: 5½%
of the Sum Assured will be payable.
The first survival benefit will be payable
on survival to one year after the end
of the accumulation period.
On survival to the policy anniversary
coinciding with or immediately following
the completion of age 100 years, the Sum
Assured along with Loyalty Addition, if
any, will be payable.
- In case of death of the Life Assured
during the Accumulation Period, the
Sum Assured along with vested reversionary
bonuses is payable.
- In case of death of the Life Assured
any time after the Accumulation Period,
the Sum Assured along with Loyalty Addition,
if any is payable.
Accident Benefit Option will be available
under the plan by the payment of additional
premium. Accident Benefit Rider shall
be available for an amount not exceeding
the Sum Assured under the basic plan subject
to overall limit of Rs.50 lakh taking
all existing policies of the life assured
under individual as well as group schemes
taken with Life Insurance Corporation
of India and other insurance companies
and the Accident Benefit Rider Sum Assured
under the new proposal into consideration.
This benefit is available under Regular
Premium policies only and it is not available
under single premium policies.
In case of accidental death, the Accident
benefit sum assured will be payable as
lumpsum along with the death benefit under
the basic plan. In case of accidental
disability arising due to accident (within
180 days from the date of accident), an
amount equal to the Accident Benefit sum
assured will be paid in monthly instalments
spread over 10 years or upto death or
maturity, if earlier, and all future premiums
under the policy will be waived.
The disability due to accident should
be total and such that the life assured
is unable to carry out any work to earn
the living. Following disabilities due
to accidents are covered:
i) irrevocable loss
of the entire sight of both eyes or
ii) amputation of both
hands at or above the wrists or
iii) amputation of both
feet at or above ankles or
iv) amputation of one
hand at or above the wrist and one foot
at or above the ankle.
i)intentional self-injury,
attempted suicide, insanity or immorality
of the life assured is under the influence
of intoxicating liquor, drug or narcotic
ii)engagement in aviation
or aeronautics other than that of a passenger
in any aircraft
iii)injuries resulting
from riots, civil commotion, rebellion,
war, invasion, hunting, mountaineering,
steeple chasing or racing of any kind.
iv)accident resulting
from committing any breach of law
v)accident arising from
employment in armed forces or military
services or police organisation.
•Term Assurance Rider Option
•Critical Illness Rider Option
All three optional rider benefits mentioned
above shall be available during accumulation
period only.
If after at least three full years' premiums
have been paid and any subsequent premium
be not duly paid, this policy shall not
be wholly void, but shall subsist as a
paid-up policy for an amount equal to
the paid-up value. The paid-up value as
shall bear the same ratio to the full
Sum Assured as the number of premiums
actually paid shall bear to the total
number of premiums originally stipulated
in the policy. The policy so reduced shall
thereafter be free from all liabilities
for payment of the within mentioned premium,
but shall not be entitled to the future
bonuses. The existing vested reversionary
bonuses, if any, shall remain attached
to a paid-up policy. This paid up value
along with the vested reversionary bonuses
shall be payable on the survival of the
Life Assured to the end of the Accumulation
Period or on his/her prior death. No survival
benefit shall be payable under paid up
policies.
These provisions do not apply to the
Accident Benefit, Term Assurance and Critical
Illness rider options, as these riders
do not acquire any paid-up value.
•
For Single Premium policies – After
completion of at least one policy year,
90% of the Single Premium received, excluding
premiums for optional riders and extras,
if any, will be payable.
The cash value of any vested reversionary
bonuses, if any, will also be payable
This is irrespective of the age of the
Life Assured.
– After
completion of at least three policy years
and at least three full years’ premiums
have been paid, 30% of the total amount
of premiums paid excluding the premiums
for the first year and all premiums in
respect of optional benefits and extras
will be payable. However, if the age at
entry of the Life Assured is less than
or equal to 12 years, the guaranteed surrender
value will be equal to
• 90% of the
total amount of premiums (excluding premiums
paid for the first year and any extras)
paid.
• 90% of the
total premiums (excluding premium for
the first year and any extras) paid before
commencement of risk and 30% of premiums
paid (excluding any extras) after the
commencement of risk.
Premiums for Accident Benefit rider cover,
Term Assurance rider cover and Critical
Illness rider cover will be excluded.
The cash value of any vested reversionary
bonuses, if any, will also be payable.
• This will
be 85% of the Basic Sum Assured.
• Loan: Loan facility is available
under this plan. However, the rate of
interest would be determined from time
to time by the Corporation. Presently
the rate of interest is 9 % pa payable
half-yearly.
• Grace period: A grace period
of one month but not less than 30 days
will be allowed for payment of yearly,
half-yearly or quarterly premiums and
15 days for monthly premiums.
• 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.
• Revival: Subject to satisfactory
evidence of continued insurability, a
lapsed policy can be revived during the
lifetime of the Life Assured but before
the expiry of the Accumulation Period
within a period of five years from the
due date of first unpaid premium by paying
arrears of premium together with interest.
The rate of interest applicable will be
as fixed by the Corporation from time
to time.
Ages at entry: 0 to 60 years nearest birthday
Accumulation periods available: 10, 15
and 20 years
Maximum age at which premium payment ceases:
70 years nearest birthday
Age up to which life cover available:
100 years
Minimum age at end of Accumulation Period:
18 years last birthday
Premium paying terms: Single Premium and,
in case of regular premiums, equal to
the accumulation period, i.e. 10, 15 and
20 years
Modes of premium payment: Yearly, Half
Yearly, Quarterly, Monthly, SSS and Single
Premium
Sum Assured: Rs.1 lakh and over in multiples
of Rs.5,000/-.
Ages at entry:18 to 60 years nearest birthday
Maximum age at which premium payment ceases:
70 years nearest birthday
Age up to which life cover available:
70 years
Minimum age at end of Accumulation Period:
18 years last birthday
Premium paying terms: Equal to the accumulation
period, i.e. 10, 15 and 20 years
Modes of premium payment: Yearly, Half
Yearly, Quarterly, Monthly, SSS and Single
Premium
Sum Assured: Rs.25,000 to Rs.50 lakh,
considering all Accident Benefit Sums
Assured under individual and group policies
and Accident Benefit Rider Sum Assured
under new proposals into consideration.
The Sum Assured can be in multiples of
Rs.5,000/-.
Availability of Rider: During the chosen
Accumulation Period.
• Mode Rebate:
Yearly mode: 2% of tabular Premium
Half-yearly mode: 1% of the tabular premium
Quarterly: NIL
In case of monthly mode other than SSS,
an additional amount of 5% of tabular
premium will be charged.
• High Sum Assured Rebates:
For Annual premium
Rs.1.25%o Sum Assured for Sum Assured
Rs 2 lakh and over;
Rs. 2.25%o Sum Assured for Sum Assured
Rs 5 lakh and over.
For Single premium
Rs.7.50%o Sum Assured for Sum Assured
Rs 2 lakh and over;
Rs.12.50%o Sum Assured for Sum Assured
Rs 5 lakh and over.
This policy shall be void if the Life
Assured commits suicide (whether sane
or insane at the 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 office to which premiums under
this policy were paid last, at least one
calendar month prior to death.
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