3. ELIGIBILITY CONDITIONS (For Basic Plan):
Minimum age at entry |
: 18 years (completed) |
Maximum age at entry |
: 55 years (nearest birthday) |
Maximum age at maturity |
: 70 years (nearest birthday) |
Policy term |
: 15 and 20 years |
Minimum Sum Assured |
: Rs. 50,000/- |
Maximum Sum Assured |
: Rs. 25,00,000/- |
(Sum Assured shall be in multiples of Rs.5,000/-) |
4. SAMPLE PREMIUM RATES FOR BASIC PLAN :
Tabular Annual Premium per 1000 SA |
AGE/TERM |
15 |
20 |
20 |
79.35 |
63.90 |
25 |
79.45 |
64.10 |
30 |
79.70 |
64.55 |
35 |
80.25 |
65.45 |
36 |
80.45 |
65.70 |
37 |
80.60 |
66.00 |
40 |
81.35 |
67.00 |
45 |
83.15 |
69.50 |
50 |
86.05 |
73.50 |
5. HIGH SUM ASSURED REBATES:
Sum Assured (in Rs) |
Rebate per thousand Sum Assured |
1,00,000 to 4, 99,999 |
Rs 2.00 |
5, 00,000 and above |
Rs 4.00 |
6. LOAN:
Loan is available under the plan after the policy acquires paid-up value.
7. GRACE PERIOD:
A grace period of one-month but not less than 30 days will be allowed for payment of premium .
8. REVIVAL:
A. REVIVAL DURING THE AUTO COVER PERIOD:
(i) If Critical Illness Rider is not opted for:
During the Auto Cover Period, the Life Assured can pay one or more instalments of premiums with interest without submission of any evidence of health. On payment of part or full arrears of premiums with interest, the Auto Cover Period of 3 years from the due date of new FUP shall again be available during the term of the Policy.
If any survival benefit falls due during the above 3-year auto cover period the same will be paid after deduction of unpaid premiums with interest until the due date of the survival benefit, provided it is more than the unpaid premiums with interest. If the survival benefit is insufficient to cover the arrears of premiums with interest up to the due date of such survival benefit, then the survival benefit will be payable only on payment of such arrears of premiums with interest , during the period of the aforesaid 3 years or on revival of the policy thereafter.
(ii) If Critical Illness Rider is opted for:
During the auto cover period, the policy can be revived by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of the policy. The revival of the policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.
If any survival benefit falls due during the above 3-year auto cover period the same will be paid only after revival of the policy as stated above.
B. REVIVAL OTHER THAN DURING AUTO COVER PERIOD :
If the Policy has lapsed, and the policy is not under the period of auto cover, the policy can be revived within a period of 5 years from the date of first unpaid premium and before the date of maturity by payment of full arrears of premium together with interest and subject to submission of proof of continued insurability of the Life Assured to the satisfaction of the Corporation. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured.
The Rider/s shall be revived along with the Basic plan and not in isolation.
9. PAID UP VALUE:
If after at least three full years’ premiums have been paid and any subsequent premium not paid, this policy shall not be wholly void after the expiry of three years Auto Cover Period ,but shall continue as a paid up policy. The Sum Assured of the policy shall be reduced in the same proportion as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy , less any survival benefit paid. This reduced Sum is called the paid up value.
The policy thereafter shall be free from all liabilities for payment of the premiums, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. This paid up value shall be payable on the date of maturity or at Life Assured’s prior death. No survival benefit shall be payable under paid up policies.
The rider benefits will cease to apply if the policy is in lapsed condition and will not acquire any paid up value.
10. SURRENDER VALUE:
The Guaranteed Surrender value will be available after the expiry of 3 policy years provided the premiums have been paid for at least three years. The Guaranteed Surrender Value is equal to 30% of the total amount of premiums paid excluding the premiums paid for the first year, any premiums paid towards riders, all extra premiums that may have been paid less the amount of survival benefits paid earlier. The cash value of any existing bonuses, if ,any will also be paid .
Corporation may, however, pay special surrender value as the discounted value of Paid up sum assured and vested bonus, if any, as applicable on date of surrender, provided the same is higher than guaranteed surrender value.
11. EXCLUSIONS:
Suicide: This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time on or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of commencement of risk under the policy and the Corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bonafide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the branch where the Policy is being presently serviced (where the policy records are kept), at least one calendar month prior to death.
12. COOLING OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days. |
