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In case of the unfortunate event of death of the life insured during the policy term, your nominee will get the death sum assured, which is the highest of:
Guaranteed additions will vary as per the policy term.The guaranteed additions will accrue at the end of each policy year during the policy term.The accrued guaranteed additions are payable either on death or maturity, whichever happens first.
Survival benefit is equal to 125% of the annual premium at the end of every 5 years, except for the maturity is payable under this plan as per the policy term opted.For the policy term equal to 10 years, survival benefit is payable after completion of 5th policy year.For the policy term equal to 15 years, survival benefit is payable after completion of 5th and 10th policy year. For the policy term equal to 20 years, survival benefit is payable after completion of 5th , 10th and 15th policy year.
Maturity benefit is payable on the survival of the Life Assured till the end of the policy term. Maturity benefit is equal to the Maturity sum assured plus guaranteed additions till maturity less survival benefits already paid.
The plan is not eligible for any bonus as it is a non participating plan.
No loan benefit is available under this plan.
The surrender value payable will be greater of the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV) provided 2 full years’ premiums have been paid.
The plan helps in getting tax benefits under section 80C and section 10 (10D) of the Income Tax Act,1961.
|Age (as on last birthday)||13 Years||55 Years|
|Age at Maturity||23 Years||70 Years|
|Policy Tenure||10/15 Years||20 Years|
|Premium Paying Term||10 Years||10 Years|
|Premium Paying Mode||Annually/Semi Annually/Quarterly/monthly||-|
|Premium Amount||Rs 6,464(for Annual Premium)||Rs 47.53 Lacs|
|Sum Assured||1 Lac||5 Crore|
|Freelook Period||15 Days /30 Days (for Distance Marketing Channel) From The Receipt Of The Policy||-|
|Grace Period||30 Days /15 Days (monthly Mode Policies)||-|
No Riders are available under this plan.
Let us understand the plan with your example: