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Note : The policy would
be issued in multiples of Rs. one lakh
for Sum Assured above Rs. five lakh.
i) Sum Assured Rebate : NIL in case of regular premium policies .
ii) Mode Rebate : 1 % of Annual premium
for yearly mode and nil for Half-Yearly
mode.
The plan is available to Standard and
Sub-standard lives (upto Class VI EMR).
This plan is also available to female
lives (category I and II lives only) and
to physically handicapped persons subject
to certain conditions. Standard age proof
will have to be submitted along with the
Proposal Form.
i) The policy will not acquire any
paid-up value.
ii) No Surrender Value will be available
under this plan.
No loan will
be granted under this plan.A grace period
of 15 days will be allowed for payment
of yearly or half-yearly premiums. If
death occurs within this period and before
the payment of the premium then due, the
policy will still be valid and the Sum
Assured paid after deduction of the said
premium as also unpaid premiums falling
due before the next policy anniversary
of the Policy. If the premium is not paid
before the expiry of the days of grace,
the Policy lapses.
If the Policy has lapsed, it may be revived
during the life time of the Life Assured,
but before the date of expiry of policy
term, 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 prevailing at the
time of the payment. The corporation reserves
the right to accept or decline the revival
of discontinued policy. The revival of
the discontinued policy shall take effect
only after the same is approved by the
Corporation and is specifically communicated
to the Life Assured. The cost of the Medical
reports, including Special Reports, if
any, required for the purposes of revival
of the policy, should be borne by the
Life Assured.
No Claims concession will be applicable
to this Policy.
The policy can be back dated within the
financial year. No dating back interest
shall be charged.
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