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The Sum Assured plus all bonuses
to date is payable in a lump sum upon the
death of the life assured during the policy
term irrespective of the Survival benefit
/benefits paid earlier.
The percentage of Sum Assured as
mentioned below will be paid on survival
to the end of specified durations :
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5
|
20%
|
15%
|
|
10
|
20%
|
15%
|
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15
|
20%
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15%
|
|
20
|
40%
|
15%
|
|
25
|
- |
40%
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All bonuses declared upto the maturity date
will also be paid alongwith the final survival
benefit.
These are the optional benefits that can
be added to your basic plan for extra protection/option.
An additional premium is required to be
paid for these benefits.
Buying a life insurance contract is a long-term
commitment. However, surrender values are
available under the plan on earlier termination
of the contract.
The policy may be surrendered after it has
been in force for 3 years or more. The guaranteed
surrender value is 30% of the basic premiums
paid excluding the first year’s premium
and all survival benefits paid earlier.
In practice, the Corporation will pay a
Special Surrender Value – which is
either equal to or more than the Guaranteed
Surrender Value. The benefit payable on
surrender is the discounted value of the
reduced claim amount that would be payable
on death or at maturity. This value will
depend on the duration for which premiums
have been paid and the policy duration at
the date of surrender. In some circumstances,
in case of early termination of the policy,
the surrender value payable may be less
than the total premiums paid.
The Corporation reviews the surrender value
payable under its plans from time to time
depending on the economic environment, experience
and other factors.
Note:
The above is the product summary giving
the key features of the plan. This is for
illustrative purpose only. This does not
represent a contract and for details please
refer to your policy document. |
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