Features
A life insurance plan with opportunity to earn market linked returns
Option to choose between Single Life (Only 1 life is covered) and Joint Life1 (life coverage for two individuals wherein a lump sum is paid on the second death of the two lives assured) coverage variant
Under Joint Life Coverage Variant, on first death the surviving life has the option to withdraw entire fund value (including top up fund value) and continue with a full life cover for rest of the policy term.
Under Joint Life coverage variant, death benefit would be payable only after both the lives assured die and nothing is payable on the death of first life assured alone.
Loyalty Additions will be allocated as extra units at the end of the 10th Policy year to boost your Fund Value provided no Partial Withdrawals have been exercised.
Tax Benefits are governed by prevailing tax laws. You are requested to consult your tax advisor.
Investment flexibility with 11 funds: Unlimited free switches allowed
Benefit of rupee cost averaging with Systematic Transfer Plan (STP)
Maturity Benefit
Single Life Coverage Variant: On survival until maturity the Fund Value will be paid.
Joint life Coverage Variant: On survival until maturity of at least one of the lives assured, Fund Value will be paid.
Fund Value will be calculated by multiplying balance units in your fund(s) by the then prevailing unit price(s). Your policy matures at the end of Policy Term and all risk cover ceases.
You can take your Fund value at maturity in periodical instalments under Systematic Withdrawal Plan. Please refer the section on Systematic Withdrawal Plan below for more details.
Death Benefit
Single Life Coverage Variant: Sum Assured on death is payable as a lump sum on death of the life assured during the Policy Term.
Joint life Coverage Variant: Sum Assured on death is payable as a lump sum on the second death of the two lives assured during the Policy Term.
Sum Assured on death is the highest of:
Total Sum Assured less an amount for Partial withdrawals made, if any (as detailed below), where Total Sum Assured is Basic Sum Assured plus any additional Sum Assured in respect of Top-ups,
Total Fund value where Total Fund value includes Single Premium Fund Value plus Top-up Premium Fund value
105% of Total premiums paid (including Top-up premiums, if any)
The partial withdrawals to be deducted from the Total Sum Assured shall be to the extent of the partial withdrawals made during the two-year period immediately preceding the death of the life assured.
Upon payment of Death Benefit, the policy shall terminate and no further benefits shall be payable.
In addition, if Joint Life coverage variant is opted then, on first death2, the fund value will be set to be higher of 125% of Single premium or balance in the unit fund.
Further in case of death of one of the lives, the surviving life assured will have an option to either:
1. fully withdraw this amount and continue the policy with the coverage as per the policy provisions, OR
2. not withdraw any amount and continue the policy with the coverage as per the policy provisions
The restriction of withdrawal during first 5 years shall not apply in this case since this is a contingency withdrawal.
If the surviving life opts for Option 1, then a lump sum mortality charge shall be deducted from the fund value towards future mortality cover to be provided to the surviving life.
This lump sum mortality charge shall be determined as a present value of future mortality charges discounted at the prevailing 10-yr G-Sec yield less 2%.
For Joint Life Coverage Variant, age of the last survivor shall be considered.
2Not applicable on death due to suicide
