Death Benefits
1. Life Option and Century Option
Higher of Sum Assured ( less applicable Partial Withdrawal/ Systematic Withdrawal/ Milestone Withdrawal) or Fund Value will be paid as on date of intimation of death claim and policy will terminate
2. Care Option
On death of the Life Assured , lump sum is paid immediately and remaining future premiums are funded by the Company as & when due and Fund Value is paid at maturity.
Maturity Benefits
On maturity, You will receive the Fund Value based on the prevailing NAVs .You also have the option to take Fund Value on maturity in periodic installments as per Settlement Option. (The details on Settlement Option is given below)
Choose your Funds or Portfolio Management Option
This Plan gives you the flexibility to manage & control the savings in your own way. Here you can choose from a range of 8 Unit Linked Funds. You can choose to allocate your Premiums to any, all or a combination of the Unit Linked Funds as per your risk preference.
- Emerging Leaders Equity Fund
- India Multi-Cap Equity Fund
- Equity II Fund
- Growth Plus Fund
- Balanced Plus Fund
- Large Cap Advantage Fund
- Debt Fund
- Liquid Fund
Alternatively, you may select one among following 4 different Portfolio Management Options to manage and build on wealth.
1. Systematic Transfer Option (STO)
If you want to invest in equity oriented fund but worry about market volatility and risk associated with lump sum investment, then you can opt for STO which enables you to enter the equity market in a systematic manner.
Through this option, your entire premium will be first allocated to the Liquid Fund and then systematically transferred on a monthly basis into any one of the Unit Linked Funds - India Multi-Cap Equity Fund or Equity II Fund or Emerging Leaders Equity Fund as chosen by you.
2. Return Protector Option (RPO)
This option enables you to take advantage of the equity market by protecting your gains from the future equity market volatility. Through RPO, starting from the 2nd policy year onwards ,your gains made from a equity fund basis your chosen 'Target Appreciation' are automatically transferred to a lower risk Debt Fund. This way, your gains are protected from further market volatility.
3. Auto Funds Rebalancing (AFR)
If you wish to maintain allocation of your investments in a specific proportion across different Unit Linked Funds, irrespective of market movements, you can do so through Auto Funds Rebalancing. Once opted, after every 3 months, it automatically rebalances the allocation of your investments in various Unit Linked Funds to the allocation proportions chosen by you.
4. Safety Switch Option (SSO):
As your policy nears maturity, you may want to avoid market movements and safeguard your funds. The Safety Switch Option enables you to move your funds systematically to a relatively low risk Liquid Fund at the beginning of each of the last four policy years.
Loyalty Additions
This plan offers fund value related Loyalty Additions from end of 5th policy year and every 5th year till the end of the Premium Payment Term provided all the due premiums are received till that time. The Loyalty Additions for each Unit Linked Fund will be equal to a percentage of the average fund value of last 60 monthly policy anniversaries for the respective Unit Linked Fund.
Wealth Boosters
This plan also offers the additional allocation of units which will be added to the Unit Linked Fund(s) at specific policy intervals provided all due premiums till date have been paid. These wealth boosters will be a percentage of the average fund value of last 60 monthly policy anniversaries.
Other Benefits
1. Partial Withdrawal: This product allows the Policyholder to make partial withdrawals from 6th policy year onwards provided all due Premiums for first 5 policy years have been paid or Life Assured attaining 18 years of age, whichever is later.
2. Systematic Withdrawal Option (SWO):This plan also offers a systematic partial withdrawals facility called SWO. Under this option, a pre-decided percentage of the fund value will be withdrawn and paid to the Policyholder at a chosen frequency for the remainder of the Policy Term. The Policyholder can choose for SWO option at inception or anytime during the Policy Term. The availability / operation of this option will be subject to certain conditions.
3. Milestone Withdrawal Option (MWO):): In this option, at the end of the 10th Policy Year and every 5th year thereafter (excluding the milestone coinciding with the Policy Maturity Date), 20% of the available fund value as on the date of payment will be given to the Policyholder. The availability / operation of this option will be subject to certain conditions.
4. Return of Mortality Charge:This feature is available under all three Options under the Product. An amount equal to the total of all the Mortality Charges deducted during the Policy Term will be added to the Fund Value at the maturity date, provided all due premiums have been received till the maturity date, subject to certain conditions.
5. Reduction in Premium:After payment of premiums for the first five completed Policy Years, the Policyholder will have an option to decrease the premium payable under the Policy up to 50% of the Annualised Premium, subject to the minimum premium limits as applicable basis the Cover Option opted. Premium reduction shall be subject to certain conditions.
6. Settlement Option: You can choose to receive your maturity benefit through Settlement Option in installments as per the frequency chosen by you, over a maximum period of 5 years. You may opt for complete withdrawal of fund value at any time during this period. The Settlement Option will be available only in Cover Options 1 and 2. However, request of settlement option cannot be made after the death of the Life Assured under Cover Option ‘Care’.
7. Tax Benefits:Tax Benefits under the Policy will be as per the prevailing Income Tax laws and are subject to amendments from time to time. For tax related queries, contact your independent tax advisor.
Illustration 1: Rahul, aged 21, has just started his career and is getting into habit of insurance & savings using this plan. Rahul opts for Cover Option 1 (Life Option) under this plan and starts saving with a monthly premium of Rs. 3,000 and a Premium Paying Term & Policy Term of 15 years.
Maturity Benefit:
The table below shows maturity values for multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in Equity II Fund.
Monthly Premium (₹)
Sum Assured (₹)
Total Premiums Paid (₹)
Total Maturity Benefit (₹) (Fund Value) at the end of 15 years
4%##
8%##
3000
360000
540000
663960
907889
Rahul, with small but disciplined contribution, at the end of 15 years is not only able to create a substantial corpus but also developed a habit for savings towards a strong financial future.
Illustration 2: Amit aged 35, is married and has a 3 years old daughter. He wants insurance & to create a corpus for the future of his daughter. He is looking for a customized solution which ensures that in an event he is not around, the family's immediate needs are met and in the meantime his dream for providing a corpus to his daughter is also met. Amit chooses Cover Option 2 (Care Option) under this plan with a Premium Paying Term and Policy Term of 15 years.
Maturity Benefit
The table below shows maturity values with multiple scenarios assuming annual gross investment return of 4% and 8% with 100% investment in an Equity II Fund.
Annual Premium (₹)
Sum Assured (₹)
Total Premium Paid (₹)
Total Maturity Benefit (Fund Value) at the end of 15 years
4%##
8%##
60,000
600000
900000
1115305
1546869
1,20,000
1200000
1800000
2244078
3111471
1,80,000
1800000
2700000
3366117
4667206
Death Benefit: In case of Amit’s unfortunate death at the end of 5th policy year:
- Lump sum (higher of Sum Assured or 105% of all Premiums paid up to the date of death) is paid on death – to take care of any immediate liabilities on the family.
- Remaining future premiums as and when due would be funded by the Company - ensuring that Rahul’s savings for his desired goal continues uninterrupted.
- The Fund Value would be paid on maturity of the Policy.
Annual Premium (₹)
Lump Sum paid on Death(₹)
Total future Premium funded by the Company (₹)
Total Maturity Benefit (₹)
(Fund Value) at the end of 15 years
4%##
8%##
60,000
6,00,000
6,00,000
11,23,963
15,61,458
1,20,000
12,00,000
12,00,000
22,61,694
31,40,996
1,80,000
18,00,000
18,00,000
33,92,541
47,11,494
Entry Age & Maturity Age
Life Option
Detail
Minimum
Maximum
Entry age
0 years
65years
Maturity age
18 years
80 years
Care Option
Details
Minimum
Maximum
Entry age
18 years
50 years
Maturity age
28 years
80 years
Century Option
Details
Minimum
Maximum
Entry age
18 years
65 years
Maturity age
Up till age 100 years*
* The policy will auto terminate on policy anniversary following the 100th birthday of Life Assured by paying the Fund Value as available at that point of time.
Premium Payment Terms
For Regular/ Limited Premium Policies
Option
Premium Payment Option
Premium Payment Term (PPT) (in years)
Policy Term (PT) (in years)
Life Option
Limited Pay*
Regular Pay
5 to (PT-1) years
Same as PT
10 to 30 years (inclusive)
10 to 30 years (inclusive)
Care Option
Limited Pay*
Regular Pay
10 to (PT-1) years
Same as PT
10 to 30 years (inclusive)
10 to 30 years (inclusive)
Century Option
Limited Pay
Regular Pay
10 to PT -1
Same as PT
100-Age at entry
100-Age at entry
For Single Premium Policies
SA Cover Multiple
Age at entry (in years)
Policy Term (in Years)
10
0-32
5 to 30 years
10
33-38
5 to 20 years
10
39 to 44
5 to 10 years
10
45 to 49
5 years
10
50 to 65
NA
1.25
0-65
5 to 30 years
Note: Single Premium option is not available under Care Option and Century Option. The above Policy Terms for Regular/Limited/Single Premium policies are available subject to Maximum Maturity Age allowed under the product as well as subject to Maturity Age being 18 years or more. For instance, a customer aged 5 years (age last birthday), cannot opt for a Policy Term of 10 years under Cover Option 1 as the age at maturity in this case will be 15 years, which is lower than the minimum maturity age requirement of 18 years.
Life Option:
For Single Premium- 1.25 or 10 times Single Premium basis Age at Entry
For Regular/ Limited Premium- 10 times Annualized Premium
Care Option/ Century Option:
For Regular/ Limited Premium- 10 times Annualized Premium
Premium Amount & Premium Payment Modes
Premium can be paid in Yearly, Half- Yearly, Quarterly, Monthly and Single Modes.
Life Option
Single Premium- 1, 00,000
Annual Premium- 24,000
Half- Yearly- 12,000
Quarterly- 6,000
Monthly- 2,000
Care/ Century Option
Annual Premium- 48,000
Half- Yearly- 24,000
Quarterly- 12,000
Monthly- 4,000
Maximum Premium: No Limit