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 30 days of receipt of the Policy Document(Whether received electronically or otherwise ). To cancel the Policy, you can send us a written request for cancellation which is dated and signed by you, along with the reason for cancellation. We will cancel this Policy if you have not made any claims 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:

• For existing e-Insurance Account: Computation of the said Free Look Period will commence from the date of delivery of the e-mail confirming the credit of the Insurance policy by the IR.
• For New e-Insurance Account: If an application for e-Insurance Account accompanies the proposal for insurance, the date of receipt of the ‘welcome kit’ from the IR with the credentials to log on to the eInsurance Account (eIA) or the delivery date of the email confirming the grant of access to the eIA or the delivery date of the email confirming the credit of the Insurance policy by the IR to the eIA, whichever is later shall be reckoned for the purpose of computation of the Free Look Period.

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, you will continue to be covered and 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 on the Policy Anniversary.

The premiums for various modes as upto 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 mode.
The company will offer waiver of modal premium loadings for Annualized Premium of Rs. 1 crore and above.

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 Rs. 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) as on 31st March every year + 2% rounded to nearest 1%. The current interest rate for the Financial Year 2024-25 applicable on loans is 9% per annum compounded half-yearly. 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 one (1) 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 one (1) 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.

Death Sum Assured and Maturity Sum Assured will be reduced in proportion to the number of premiums paid to the total number of premiums payable under the policy. The reduced benefit shall be payable in the same manner as for an in-force 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, remains attached to the policy. A paid-up policy will not accrue any future Guaranteed Additions after death of the Life Assured under option 2.

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.

If the Paid up Sum assured (exclusive of attached bonuses and the guaranteed additions) is less than rupees two thousand five hundred, the Policy may be terminated after expiry of revival period by paying the surrender value.

Revival

• You have the option to revive a lapsed/paid-up policy within 5 years from the date of the first unpaid due premium.
• 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 the payment of all overdue premiums with interest. The revival will be effected as per the Board approved underwriting policy.
• The Company, however, reserves the right to accept on original terms, or on modified terms or decline the revival of a discontinued policy. The revival of the discontinued policy shall take effect only after the same is approved by the Company and is specifically communicated to the policyholder.
• On revival, the simple rate of 9% p.a. shall be charged by the company.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) as on 31st March every year + 2% rounded to nearest 1%. However, the company may decide to increase the interest charged on revival from time to time with a prior approval from IRDAI.
• On revival, all the Guaranteed Additions due while the policy was in Lapse/Paid up status, will be added back to the policy.
• A policy cannot be revived once the policy term is over.

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 completion of first policy year provided one full year premium has been received.

• The amount payable on surrender will be (a) The 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):
The GSV will be equal to the GSV factor for premium multiplied by the total premium paid (excluding taxes, rider premiums, underwriting extra premiums, if any) plus the GSV factor for Guaranteed Additions multiplied by accrued Guaranteed Additions.

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 = [{Number of Premiums Paid / Total number of premiums payable} * Sum Assured plus Accrued Guaranteed Additions)] x Special Surrender Value Factor

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

The policy vests on the life assured on the policy anniversary coinciding with or immediately following the 18th birthday of the life assured. In case of death of Policyholder, while the Life Assured is a minor, the surviving parent/ legal guardian may be appointed as a new Policyholder. In case the policy is in paid-up status or upon non-payment of future premiums, Paid Up or Lapse provisions as mentioned above shall apply.

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.

Eligibility