Benefits
Death Benefit:
Survival Benets
If the life assured survives to specific durations within the policy term, a fixed percentage of the Basic Sum Assured is paid:
- For 14-year policy: 30% on the 10th and 12th policy anniversary.
- For 16-year policy: 35% on the 12th and 14th policy anniversary.
- For 18-year policy: 40% on the 14th and 16th policy anniversary.
- For 20-year policy: 45% on the 16th and 18th policy anniversary.
Maturity Benefits
If all premiums are paid and the policy is in force, on surviving to the end of the policy term, the Sum Assured on Maturity is:
- 40% of Basic Sum Assured for a 14-year policy
- 30% of Basic Sum Assured for a 16-year policy
- 20% of Basic Sum Assured for an 18-year policy
- 10% of Basic Sum Assured for a 20-year policy.
Eligibility Conditions
| Minimum Basic Sum Assured | Rs. 100,000 | |
| Maximum Basic Sum Assured | No Limit | |
| Policy Term | 14, 16 , 18 and 20 years | |
| Premium Paying Term | (Policy term – 4) years | |
| Minimum Age at entry | 8 years (completed) | |
| Maximum Age at entry |
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| Maximum Age at Maturity |
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Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
Exclusion:
Suicide: The policy will be void in the following cases: i. If the Life Assured commits suicide within 12 months from the date of risk commencement, the Corporation will not entertain any claim except for 80% of the total premiums paid if the policy is in force.
ii. If the Life Assured commits suicide within 12 months from date of revival, an amount equal to the higher of 80% of the total premiums paid until the date of death or the surrender value available on the date of death shall be payable. The Corporation will not entertain any other claim under the policy.
This clause does not apply to a policy lapsed without acquiring paid-up value, and nothing shall be payable under such policies. Premiums mentioned above do not include taxes, extra premiums, or any rider premiums other than the Term Assurance Rider, if any.
