Money Back Super Plan (NON-POS Variant)

LITTLE PRIVILEGES JUST FOR YOU

Free Look Period

If you disagree with the terms and condition of the Policy, you can return the Policy within 15 days of receipt of the Policy Document (30 days if you have purchased this Policy through Distance Marketing Mode or in case of electronic policies). To cancel the Policy, you can send us a request for cancellation along with the reason for cancellation. We will cancel this Policy and refund the Instalment Premium received after deducting proportionate risk Premium for the period on cover, stamp duty charges and expenses incurred by us on the medical examination of the Life Assured (if any).

Note: Distance Marketing means insurance solicitation/lead generation by way of telephone calling/ Short Messaging Service (SMS)/other electronic modes like e-mail, internet & Interactive Television (DTH)/direct mail/ newspaper and magazine inserts or any other means of communication other than that in person.

Grace Period

You get a grace period of 30 days for Yearly, Half yearly and Quarterly Premium Payment Frequency and 15 days for Monthly Premium Payment Frequency from the due date, to pay your missed premium. During these days, risk on your life will continue to be covered and your nominee will be entitled to receive all the benefits subject to deduction of due premiums.

Change in Premium Payment Frequency

You can change your premium payment frequency subject to minimum eligibility criteria. Such change shall be applicable from the Policy Anniversary.

The premiums for various modes as a percentage of annual premium are given below:

• Half-yearly Premium – 52.0% of annual premium
• Quarterly Premium - 26.5% of annual premium
• Monthly Premium - 8.83% of annual premium

There shall be no charge made for the change of premium payment frequency.

Rider

No riders are available under this product.

Loan

You may avail a loan once the policy has acquired a Surrender Value. The maximum amount of loan that can be availed is up to 85% of the Surrender Value. The minimum amount of policy loan that can be taken is ₹ 10,000. For more details, please refer to the policy document. The interest rate applicable for the Financial Year will be declared at the start of the Financial Year, basis current market interest rate on 10-year Government Securities (G-Sec) +2% rounded to nearest 1%. The current interest rate applicable on loans is 9% per annum compounded half-yearly for the Financial Year 2023-24. Please contact us or Our nearest branch for information on latest interest rate on loans.

TERMS AND CONDITIONS

Non Payment of Due Premium

Lapse:

If due premiums for the first two (2) policy years have not been paid in full within the grace period, the policy shall lapse and will have no value.

All risk cover ceases while the policy is in lapsed status.

The policyholder has the option to revive the policy within five years from the due date of first unpaid premium.

In case the Policy is not revived during the revival period, no benefit shall be payable at the end of revival period and the policy stands terminated.

Paid-Up Value:

If due premiums for the first two (2) or more policy years have been paid in full and any subsequent premium is not paid within the grace period, the policy will be converted into a paid-up policy.

If a policy is converted into a paid-up policy, it will not accrue any future guaranteed additions under both options. The guaranteed additions already accrued, if any, remain attached to the policy.

If policy is converted into a paid-up policy, future survival benefit payments shall stop and no further survival benefits shall be payable.

• Paid-Up Death Benefit:
  Paid-Up Sum Assured on Death = (Number of Premiums Paid / Total number of premiums payable) * Sum Assured on Death
  On death of the life assured during the policy term while the policy is in paid-up status, a reduced death benefit equal to the Paid-up Sum Assured on Death plus Accrued Guaranteed Additions, if any shall be payable.
• Paid-Up Survival Benefit: Nil
  If a policy is converted into a paid-up policy, future survival benefit payments shall stop and no further survival benefits shall be payable.
• Paid-Up Maturity Benefit:
  Paid-Up Sum Assured on Maturity = (Number of premiums paid / Total number of premiums payable) * (Sum of total survival benefits payable under the policy plus Sum Assured on Maturity) minus Total survival benefits already paid.
  On survival of the life assured at the end of the policy term while the policy is in a paid-up status, Paid-up Sum Assured on Maturity plus Accrued Guaranteed Additions, if any shall be paid at the end of the policy term.

You can revive a paid-up policy within a period of five years from the due date of first unpaid premium. A paid-up policy cannot be revived once the Policy Term is over.

You can also surrender your paid-up policy anytime during the Policy Term.

Revival

• You have the option to revive a lapsed/paid-up policy within five consecutive years from the date of the first unpaid premium.
• Revival of a policy cannot be done once the policy term is over.
• The revival will be considered on the receipt of the application from the policyholder along with the proof of continued insurability of life assured and on payment of all overdue premiums with interest, if any. We, however, reserve the right to accept at original terms, accept with modified terms or decline the revival this Policy.
• The revival will be effected as per the Board approved underwriting policy.
• On revival, all the Guaranteed Additions due while the policy was in Lapse/Paid-up status, will be added back to the policy. Survival Benefits due but not paid while the policy was in paid-up status shall be paid to you as a lumpsum.
• On revival, the interest rate of 9% p.a. compounded yearly shall be charged by the company. However, the company may decide to increase the interest charged on revival from time to time with a prior approval from IRDAI.

Surrender Value

We encourage you to continue your policy as planned, however, you have the option to surrender the same for immediate cash requirement, in case of an emergency, any time after the payment of all due premiums for at least first two (2) full policy years

• The amount payable on surrender will be (a) Guaranteed Surrender Value (GSV) or (b) Special Surrender Value (SSV), whichever is higher.
• The policy terminates on surrender and no further benefits are payable under the policy.

Guaranteed Surrender Value (GSV):
Guaranteed Surrender Value = [GSV factor for Premium * Total Premiums paid (excluding the applicable taxes, rider premiums and underwriting extra premiums, if any)]
plus
[GSV factor for Guaranteed Additions * Accrued Guaranteed Additions]
minus
[Total Survival Benefits already paid]

Special Surrender Value (SSV):
The Special Surrender Value shall be based on the Company’s expectation of future financial and demographic conditions. This shall be reviewed by the company from time to time with prior approval from IRDAI.
Special Surrender Value = SSV Factor*[Paid-up Sum Assured on Maturity + Accrued Guaranteed Additions]

Vesting of the Policy in Case of Policies Issued to Minor Lives

In case of minor lives, the ownership of the policy shall automatically vest on the Life Assured on attainment of majority (i.e. when the Life Assured attains age 18 years).

Nomination and Assignment

Nomination shall be in accordance with Section 39 of Insurance Act, 1938 as amended from time to time.

Assignment shall be in accordance with Section 38 of Insurance Act, 1938 as amended from time to time.