Death Benefit

In the unfortunate event of 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 will be:

• In case of Accidental Death, for regular premium or limited premium payment policy, an amount equal to Sum Assured on Death which is the highest of:

  • 10 times the Annualized Premium, or

  • 105% of all premiums paid as on the date of death, or

  • Absolute amount assured to be paid on death
• In case of Accidental Death, for single premium policy, an amount equal to Sum Assured on Death which is the higher of:

  • 125% of Single premium or

  • Absolute amount assured to be paid on death
• In case of death other than accident, the Death Benefit will be equal to 100% of all Premiums paid excluding taxes, if any

In the unfortunate event of death of the Life Assured after the expiry of Waiting Period but before the stipulated date of maturity, provided the Policy is in force, the Death Benefit amount payable as a lump sum will be:

• For Regular premium or Limited premium payment policy, “Sum Assured on Death” which is the highest of:

  • 10 times of annualized premium; or

  • 105% of all the premiums paid as on the date of death; or

  • Absolute amount assured to be paid on death
• For Single premium policy, “Sum Assured on Death” which is the higher of:

  • 125% of Single Premium or

  • 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. The policy will terminate after paying the death benefit.

The Annualized premium shall be the premium payable in a policy year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Maturity Benefit

There are no maturity benefits under this plan