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Survival Benefit
You will get Guaranteed Annual Income at the end of each of the Policy Years after the completion of premium term till maturity. Guaranteed Annual Income will be equal to Basic Guaranteed Annual Income plus the applicable boosters, if any.
Premium Payment Term
Policy Term
Total Number of Income Payouts
Timing of Income Payouts
Income Payout Percentage
Basic Guaranteed Annual Income
7
12
5
End of Policy Year
140%
(Income Payout Percentage) X (Annualized Premium)
10
15
5
End of Policy Year
200%
(Income Payout Percentage) X (Annualized Premium)
Maturity Benefit
On survival till the end of policy term (provided that all due premiums are paid), you will receive Guaranteed Sum Assured on Maturity.
On payment of above benefit, your policy will terminate and no further benefit will be payable.
Death Benefit
In case of the Life Assured's unfortunate death during the policy term, provided the policy is in-force, the death benefit payable to your Nominee/ Legal Heir, as the case may be, will be Sum Assured on Death.
On payment of the above benefit, the policy will terminate and no further benefit will be payable.
The survival benefit (Guaranteed Annual Income) already paid will not be deducted from the benefit payable on death.
The definitions below will help you understand the benefits of the plan better:
Sum Assured on Death is the amount which is higher of:
- 11 times the Annualized Premium, or
- 105% of Total Premiums Paid plus Underwriting Extra Premiums (if any), or
- Guaranteed Sum Assured Maturity, or
- Absolute amount assured to be paid on death
Guaranteed Sum Assured on Maturity is equal to Sum Assured.
Total Premiums Paid means total of all the premiums received, excluding any Underwriting Extra Premiums, rider premium and taxes.
Loan Facility
To meet any contingent need, you may avail the loan facility in this plan, once the policy acquires a Surrender Value The minimum loan amount that can be availed is Rs. 20,000 and the maximum is 80% of prevailing Surrender Value at the time of availing the loan. Loan will be available for an in-force policy only.
High Premium Booster
The basic Guaranteed Annual Income available for a given premium will be increased by the High Premium Booster % applicable as per the table below:
Annualised Premium (in Rs.)
High Premium Booster (as % of Basic Guaranteed Annual Income)
Less than 2,00,000
Nil
Greater than or equal to 2,00,000 to less than 5,00,000
1.00%
Greater than or equal to 5,00,000 to less than 10,00,000
1.75%
Greater than or equal to 10,00,000
2.00%
Tax Benefit
You may be entitled for tax benefits as per the Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.
You can customize the policy to suit your financial goals and requirements in just 2 simple steps:
Step 1: Choose your annualised premium
Step 2: Choose your premium payment term/ policy term and premium payment mode
The Sum Assured in this plan will be determined basis your age and the options chosen above. If your Annualised Premium is eligible for High Premium Booster, the Guaranteed Annual Income will be enhanced by the High Premium Booster percentage.
Entry Age
Minimum
3 years (for Policy Term 15 years)
6 years (for Policy Term 12 years)
Maximum
60 years
Maturity Age
Minimum
18 years
Maximum
75 years
Premium Payment Term (in years)
Available Policy Term (in years)
7
12
10
15
Mode
Minimum Installment Premium
Annual
1,00,000
Half-Yearly
51,000
Quarterly
26,000
Monthly
9,000
Premiums Paid include the modal premium as well as Underwriting Extra Premium.
Above Minimum Installment Premium are exclusive of Goods and Services Tax & applicable cess(es)/ levy, if any
Annual, Half-Yearly, Quarterly & Monthly modes are available
Mode
Modal Factors
Annual
1.00
Half-Yearly
0.51
Quarterly
0.26
Monthly
0.09
For example, multiply the annual premium with 0.09 to determine the monthly instalment premium payable.
The Policyholder can choose to change the Mode of Premium Payment subject to application of modal factor.
