Maturity Benefit: On your surviving to the date of maturity, payment of the Maturity Sum Assured along with vested bonuses, if any.

The specimen Maturity Sum Assured per Rs. 1200/- annual premium are given below for some of the decennial ages and terms:

Death Benefit: Payment of an amount equal to total premiums payable during the entire term of the policy along with vested bonuses, if any.

Accidental Death and Disability Benefit: On death arising as a result of accident an additional amount, equal to Death Benefit Sum Assured shall be available during the term of the policy.

On total and permanent disability arising due to accident (within 180 days from the date of accident), the Accident Benefit will be payable in monthly instalments spread over 10 years. If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim.

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:

a) irrevocable loss of the entire sight of both eyes, or
b) amputation of both hands at or above the wrists, or
c) amputation of both feet at or above ankles, or
d) amputation of one hand at or above the wrist and one foot at or above the ankle

Auto-Cover Facility: If at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium(FUP) for a period of two years or till the end of policy term, whichever is earlier.

During the Auto Cover Period, the Accident Benefits shall not be available.

Participation in Profits of the Corporation: Simple Reversionary Bonuses shall be declared per thousand Death Benefit Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force.

In case of a paid up policy bonuses shall be payable only if at least 3 full years’ premiums have been paid.

On surrender, the discounted value of vested bonuses, if any, will be payable.

Paid-up Value: If after at least two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid up policy and the Sum Assured shall be reduced to a sum, called the paid-up value. The Paid up Sum Assured shall be calculated as the Maturity Sum Assured multiplied by the ratio of number of premiums actually paid to the total number of premiums originally stipulated for in the policy. This paid up value along with vested bonuses, if any, shall be payable on the date of maturity or at Life Assured’s prior death.

The Accident Benefit will cease to apply if the policy is in lapsed condition.

Surrender Value: You may surrender the policy for cash after at least two full years’ premiums have been paid. The Guaranteed Surrender Value is equal to 30 per cent of the total amount of premiums paid. Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.

Grace Period: A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly or fortnightly or weekly premiums.

Revival: Subject to production of satisfactory evidence of continued insurability, a lapsed policy can be revived by paying arrears of premium together with interest within a period of five years but before maturity from the due date of first unpaid premium. The rate of interest applicable will be as fixed by the Corporation from time to time.

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.

Exclusions: If the Life Assured commits suicide (whether sane or insane at that time) within one year from the date of commencement of risk under the Policy, the Corporation shall not entertain any claim except to the extent of a third party’s interest under the policy.

The Corporation shall not pay the accidental benefit in case accidental death/ disability arises due to following reasons:

(i) intentional self injury, attempted suicide, insanity or immorality or whilst the Life Assured is under the influence of intoxicating liquor, drug or narcotic; or
(ii) injuries resulting from riots, civil commotion, rebellion, war (whether war be declared or not), snake biting, invasion, hunting, mountaineering, steeplechasing or racing of any kind; or
(iii) the Life Assured committing any breach of law