1. Benefits :
On death during the policy term excluding last policy year: Basic Sum Assured along with accrued Guaranteed Additions.
On death during last policy year : Basic Sum Assured with accrued Guaranteed Additions along with Loyalty Addition, if any.
On surviving to the date of maturity, payment of the Basic Sum Assured along with accrued Guaranteed Additions and Loyalty Additions, if any, shall be payable
The policy provides for Guaranteed Addition of Rs 20/- per Rs.1000/- Basic Sum Assured per year during the term of the policy.
Depending upon the Corporations experience,the policy shall be eligible for Loyalty Addition during the last year of the policy at such rate and on such terms as may be declared by the Corporation.
2. Optional Rider:
Accident Benefit Rider : Accident Benefit Rider Option will be available under the plan by the payment of additional premium. This option is available under Regular Premium policies only.
In case of accidental death, the Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the Basic plan. In case of accidental disability, an amount equal to the Accident Benefit Sum Assured will be paid in monthly instalments spread over 10 years or up to death or maturity, if earlier, and all future premiums under the policy will be waived.
If the policy becomes a claim either by way of death or maturity before the expiry of the said period of 10 years, the disability benefit instalments which have not fallen due will be paid along with the claim.
3. Auto-Cover Facility:
If at least two full years premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue from the due date of First Unpaid Premium (FUP) for a period of two years or till the end of policy term, whichever is earlier.
During the Auto Cover Period, the Accident Benefits shall not be available.
4. Paid-up Value:
Under regular premium policies, if after at least two full years premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but shall subsist as a paid up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured, as shall bear the same ratio to the Basic Sum Assured as the number of premiums actually paid bears to the total number of premiums originally stipulated for in the policy.
This paid up sum assured along with accrued Guaranteed Additions shall be payable on the date of maturity or on Life Assureds prior death after the expiry of Auto Cover period.
Accident Benefit Rider will cease to apply if the policy is in lapsed condition.
5. Surrender Value:
The Guaranteed Surrender Value is as under:
For Regular Premium policies - The Guaranteed surrender value will be available after completion of two policy years and at least two years premiums have been paid and is equal to 30 % of the premiums paid excluding the premium paid for the first year and all premiums in respect of Accident Benefit rider and extras, if any.
For Single Premium policies- The Guaranteed Surrender Value will be available after completion of at least one policy year and is equal to 90 % of the premium paid excluding extra premium, if any.
The cash value of accrued Guaranteed Additions will also be payable.
Corporation may, however, pay special surrender value as the discounted value of Paid up Sum Assured and accrued Guaranteed Additions provided the same is higher than Guaranteed Surrender Value.
No loan facility is available under this plan.
7. Cooling-off period:
If you are not satisfied with the Terms and Conditions of the policy you may return the policy to the Corporation within 15 days from the date of receipt of the policy bond stating the reason of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium paid after deducting the proportionate risk premium and stamp duty.