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Payable at the end of the specified durations
provided the policy is in full force as
given below:
For policy term 12 years: 15% of the Sum Assured under Basic Plan at the
end of each 4th & 8th policy year.
For policy term 16 years: 15% of the Sum Assured under Basic Plan at the
end of each 4th, 8th &12th policy year.
For policy term
20 years: 10% of the Sum Assured
under Basic Plan at the end of each 4th,
8th, 12th & 16th policy year.
Payment of total amount of premiums paid
(excluding extra/optional rider premiums,
if any) plus Loyalty Additions, if any,
less the amount of survival benefits paid
earlier in case of Life Assured surviving
to the end of the term.
If, at least two full years’ premiums
have been paid in respect of this policy,
any subsequent premium be not duly paid,
risk (death) cover shall continue for
a period of two years from the date of
First Unpaid Premium.
Payment of an amount equal to Sum Assured
under the Basic Plan immediately on death
of the Life Assured during the term of
the policy provided the life cover is
in force.
The Guaranteed
Surrender Value shall be available after
completion of at least three policy years
and at least three full years’ premiums
have been paid. The Guaranteed Surrender
Value is equal to 30 per cent of the total
amount of premiums paid excluding the
premiums for the first policy year, all
extra premiums paid, the premiums paid
for Accident Benefit Rider and the amount
of survival benefits paid earlier.
If after
at least three 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 after
the expiry of two years Auto Cover Period
from the due date of First Unpaid Premium,
but shall subsist as a paid up policy
for an amount equal to the total premiums
paid (excluding any extra/optional premium)
less the survival benefits paid earlier,
if any. This amount shall be called as
Paid Up Value. This paid up value shall
be payable on the date of maturity or
at Life Assured’s prior death. No
survival benefit shall be payable under
paid up policies. The policy thereafter
be free from all liabilities for payment
of the within mentioned premiums.
The Accident
Benefit Rider will cease to apply if the
policy is in lapsed condition. During
the Auto Cover Period, the Accident Benefit
Rider shall not be available.
The Accident Benefit Rider will cease
to apply if the policy is in lapsed condition.
During the Auto Cover Period, the Accident
Benefit Rider shall not be available.
Accident Benefit rider shall be available
as an optional benefit for a premium at
the rate of Rs.1 per thousand Accident
Benefit Rider Sum Assured. 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 including policies
with in built accident benefit taken with
Life Insurance Corporation of India and
other insurance companies and the Accident
Benefit Rider Sum Assured under the new
proposal into consideration.
On death arising as a result of
accident an additional amount equal to
the Accident Benefit Rider Sum Assured
is payable. On total and permanent disability
arising due to accident (within 180 days
from the date of accident) an amount equal
to the Accident Benefit Rider Sum Assured
will be paid over a period of 10 years
in monthly instalments.
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.
Note : No benefit will
be paid if accidental death or disability
arises due to accident in case of :
a) intentional self-injury, attempted
suicide insanity or immorality or the
Life Assured is under the influence of
intoxicating liquor, drug or narcotic
b) engagement in aviation or aeronautics
other than that of a passenger in any
air craft
c) injuries resulting from riots, civil
commotion, rebellion, war, invasion, hunting,
mountaineering, steeple chasing or racing
of any kind
d) accident resulting from committing
any breach of law
e) accident arising from employment in
armed forces or military services or police
organisation.
The plan offers other benefits as follows
:
Loan :
Loan facility is available under this
plan after the policy acquires paid-up
value. The rate of interest to be charged
for loan amount would be determined from
time to time by the Corporation. Presently
the rate of interest is 9% p.a. payable
half-yearly.
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.
15 –days 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.
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 from the
due date of first unpaid premium. The
rate of interest applicable will be as
fixed by the Corporation from time to
time.
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