Benefits

 

On Death during the Term of the Policy Sum Assured
On Maturity Nil

 

Restrictions
Minimum age at entry 18 years (completed)
Maximum age at entry 55 years (nearer birthday)
Maximum age at maturity 65 years
Minimum Term 5 years
Maximum Term 25 years
Minimum Sum Assured Rs.5,00,000/-
Maximum Sum Assured Less than 25,00,000 .
Mode of Premium Payment* Yearly, Half- Yearly and Single premium

Note : The policy would be issued in multiples of Rs. one lakh for Sum Assured above Rs. five lakh.

Rebate

i) Sum Assured Rebate : NIL in case of regular premium policies .

ii) Mode Rebate : 1 % of Annual premium for yearly mode and nil for Half-Yearly mode.

Underwriting, Age Proof and Medical Requirements

The plan is available to Standard and Sub-standard lives (upto Class VI EMR). This plan is also available to female lives (category I and II lives only) and to physically handicapped persons subject to certain conditions. Standard age proof will have to be submitted along with the Proposal Form.

PAID-UP AND SURRENDER VALUE :

i) The policy will not acquire any paid-up value.
ii) No Surrender Value will be available under this plan.

Loan

No loan will be granted under this plan.

Grace Period For Non-Forfeiture Provisions

A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums. If death occurs within this period and before the payment of the premium then due, the policy will still be valid and the Sum Assured paid after deduction of the said premium as also unpaid premiums falling due before the next policy anniversary of the Policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

Revival

If the Policy has lapsed, it may be revived during the life time of the Life Assured, but before the date of expiry of policy term, on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the payment. The corporation reserves the right to accept or decline the revival of discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Life Assured. The cost of the Medical reports, including Special Reports, if any, required for the purposes of revival of the policy, should be borne by the Life Assured.

Payment Of claims

No Claims concession will be applicable to this Policy.

Back-Dating Interest

The policy can be back dated within the financial year. No dating back interest shall be charged