Guaranteed Income Advantage Plan

The benefits under the plan vary as per the plan option chosen.

The definitions below will help you understand the benefits of the plan better:

Sum Assured on Death is the amount which is higher of:

Guaranteed Sum Assured on Maturity is equal to Sum Assured.

Total Premiums Paid means total of all the premiums received, excluding any rider premium and taxes.

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.

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.

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.

The Company undertakes the review of the interest rate for Policy loans on 31st December every year with any changes resulting from the review being effective from the 1st of April of the following year.

The basis of calculation of such interest rate is approved by the Authority. Any change in basis of determination of interest rate for Policy Loan will be subject to prior approval of the Authority. The applicable loan interest rate for the financial year 2019-20 is 8.70% per annum.

Loan facility is available before the Guaranteed Annual Income starts. Loan facility is not available once the policy becomes paid up.

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:

Tax Benefit

You may be entitled for tax benefits under Section 80C and Section 10(10D), as per the Income Tax Act, 1961 as amended from time to time. For tax related queries, contact your independent tax advisor.