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The benefits on various events will be based on a pre-defined formula as prescribed in the scheme rules and are payable as here under:
- Death benefit: The death benefit as per the scheme rules will be paid from the Scheme Account to the beneficiary. Additionally, we will pay the sum assured of Rs. 1,000 as death benefit
- Resignation: On resignation, the benefit amount as per the scheme rules will be paid from the Scheme Account to the member
- Retirement: On retirement the benefit amount as per the scheme rules will be paid from the Scheme Account to the member
- In case of any other event as per scheme rules (as agreed at the inception of contract with Master Policyholder), the benefit will be paid from the Scheme Account
- In case of DC schemes, there shall be an assured benefit that shall be applicable on each of such individual accounts wherein the absolute amount to be paid on maturity shall result in non-zero positive return
