In case of unfortunate death of the Life Assured due to accident during the waiting period$ or in case of death of the Life Assured after the waiting period$ due to any cause, the death benefit is payable to the nominee(s)/beneficiaries. Such death benefit is stated as Sum Assured on Death# which is as below.
The Sum Assured on Death is the higher of:
- Sum Assured Multiple X Annualized Premium*, (ii) 105% of Total Premiums paid** as on date of death,
- Sum Assured#,
In case of death of the Life Assured during the Waiting period$ other than due to an accident, the death benefit payable to the nominee(s) / beneficiaries will be the 100% of Total Premiums** paid till date, excluding any extra premium, & Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws.
The policy will terminate on payment of the death benefit.
The death benefit is payable provided the policy is in-force and all due premiums have been paid.
#Guaranteed Sum Assured on Maturity, Sum Assured on Maturity is (110%*Premium Payment Term) times the
SA multiple allowed under the product are
Age
|
SA multiple
|
|---|
0-49
|
7 or 10
|
50-55
|
5 or 10
|
$Waiting period is the first 90 days from the date of commencement of risk. Waiting period is not applicable in case of revival.
*Annualized Premium shall be the premium amount payable in a year chosen by the policyholder excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.
**Total Premium means total of all the premiums paid under the base product, excluding any extra premium and taxes, if collected explicitly
