Maturity Benefit:

There is no Maturity Benefit payable under this plan.

Death Benefit:

Upon death of the Insured during the term of the policy, provided the policy is in force, the death benefit payable to the Nominee will be the Sum Assured on death along with Additional Sum Assured under Life Stage Plus Option, if any less Payout Accelerator Benefit already paid, if any:

“Sum Assured on death” shall be defined as the highest of the following for Regular and Limited Pay:

  • Basic Sum Assured

  • 10 times the Annualized Premium

  • 105% of the Total Premiums Paid up to the date of death

“Sum Assured on death” shall be defined as the highest of the following for Single Pay:

  • Basic Sum Assured

  • 125% of the Single Premium

The Policy will terminate upon death of the Insured and no other benefit under the Policy shall be payable.

“Annualized Premium” shall be the premium amount payable in a year chosen by the Policyholder, excluding the taxes, rider premiums underwriting extra premiums and loading for modal premiums, if any.

"Total Premiums Paid " means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Other Benefits:

Inbuilt Payout Accelerator Benefit

This Plan also offers you an inbuilt Payout Accelerator Benefit which accelerates the death benefit payable in case you are terminally ill wherein chances of survival are not greater than 6 months. 50% of your chosen Basic Sum Assured is paid out to you on diagnosis and death benefit as mentioned in this brochure will be paid to your nominee in case of death within policy term, provided the policy is in force.

On payment of this benefit, the Death Benefit under the policy is automatically reduced by the amount paid under this benefit. You will continue to pay the original premiums as and when due under the policy, even after terminal illness claim is admitted.

This Benefit will commence after 2 years of continuous cover since inception date. If the Death doesn’t occur within the six-month period, the Death Benefit as mentioned in this Brochure will be paid on actual death, if occurred within the policy term, provided the policy is in force. Additional Sum Assured opted under Life Stage Plus Option will not be considered for inbuilt Payout Accelerator Benefit.

“Terminal Illness” means an irreversible terminal medical condition of the Insured:

  1. the signs or symptoms of which first occur or commence after 2 years of continuous cover under this Policy or endorsement; as the case may be

  2. for which the diagnosis is supported by evidence of the advanced stage of the medical condition such as clinical, radiological & laboratory evidence; and

  3. that is expected to result in death of the insured within 6 months of diagnosis, and is certified to be so by two physicians or registered medical practitioners specializing in treatment of such illness and approved by the company, at least one year before the expiry date of the policy.

Life Stage Plus Option

Life Stage Plus Option is a benefit that gives an option to increase the life cover (up to 50% of the original cover opted) over and above the life cover chosen at policy inception. The Additional Sum Assured, can be availed of in the future without undergoing any fresh medical underwriting.

  1. This Additional Sum Assured is available to life assured in future, only if this option is written/selected in application form

  2. It can be exercised in the future subject to occurrence of any of the “lifestyle events” as mentioned below

  1. Marriage of the Life Assured (Marriage certificate required)

  2. Child Birth (Birth Certificate Required)/Legal adoption (Adoption deed required) - first two children in both cases

The Additional Sum Assured should be availed within 1 year of the date of marriage or child birth / Legal Adoption (limited to two children). It can be availed by submitting written request to the company with valid proof of marriage or child birth / Legal Adoption and is exercisable only on policy anniversary. Request for such enhanced coverage should be received at least 30 days in advance of the policy anniversary and cannot be availed after age 50 years. This option is not available during last 10 Policy years.

Additional premium will be based on the attained age of the insured and the outstanding policy term at the time of exercising this option and will be calculated with reference to the same premium table used to calculate the premium for the initial basic sum assured. Large sum assured discount shall be applicable to additional sum assured.

You can use the facility 3 times within the policy term. If Payout Accelerator Benefit is paid, this benefit cannot be availed.