Maturity Benefit: Five years before maturity 30% of Sum Assured, Two years before maturity - 35% of Sum Assured, at maturity - 35% of Sum Assured plus 30% of Sum Assured as Guaranteed Additions plus additional insurance coverage purchased from bonuses.
Death Benefit (Life Insured): Sum Assured along with additional insurance coverage purchased in way of bonuses (if any). Five years before maturity - 30% of Sum Assured, Two years before maturity - 35% of Sum Assured, at maturity - 35% of Sum Assured plus 30% of Guaranteed Sum Assured.
On Surrender of Policy: Cash value as built in the policy will be paid at the time of surrender of policy. There is no cash value till 3 years premiums have been paid in full.
Bonus Options: Bonus is not declared for the first 3 years of the policy.
At the time of Bonus declaration the following Bonus Options are available:
- Paid in Cash – Bonus declared by the company will be paid out to the policy holder.
- Premium Offset – Bonus declared by the company will be used by the company to offset future premiums payable by the policy holder.
Non-Forfeiture Options:
- Extended Term Insurance: the policy value (cash value net of indebtedness) will be utilized to buy term insurances by way of Paid Up Additions.
- Reduced Paid Up: A lower Sum Assured for the remaining term of your policy. In case you do not want the above, you can choose to take cash value by cheque.
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