Benefits
Death benefit
The product has a waiting period of 45 days from the date of commencement of risk. In case of revival of the policy, waiting period shall not be applicable.
Death during waiting period
On death of the Life Assured during the waiting period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:
(1) In case of Accidental Death, for regular premium or limited premium payment policy, equal to Sum Assured on Death which is the highest of: (a) 10 times the Annualized Premium, or (b) 105% of all premiums paid as on the date of death, or (c) Absolute amount assured to be paid on death.
(2) In case of Accidental Death, for single premium policy, equal to Sum Assured on Death which is the higher of: (a) 125% of Single premium or (b) Absolute amount assured to be paid on death.
(3) In case of death due to other than accident, the Death Benet is equal to 100% of all premiums paid excluding taxes, if any.
Death after expiry of waiting period
On death of the Life Assured after the expiry of Waiting Period but before the stipulated date of maturity and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:
(1) For Regular premium or Limited premium payment policy, “Sum Assured on Death” which is the highest of: (a) 10 times of annualized premium; or (b) 105% of all the premiums paid as on the date of death; or (c) Absolute amount assured to be paid on death.
(2) For Single premium policy, “Sum Assured on Death” which is the higher of: (a) 125% of Single Premium or (b) Absolute amount assured to be paid on death. Premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any. Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured.
Maturity benefit
No benefit is payable on survival till end of policy term.
