Maturity Benefit:

Once your policy matures at the end of the Policy Term and if you have paid all your due premiums, you will receive Maturity Benefit as per the chosen option-

• Option 1
  • Guaranteed Maturity Sum Assured equal to Sum Assured plus Vested Compound Reversionary Bonuses, if any, plus Terminal Bonus, if any, shall be paid
• Option 2:
  • Guaranteed Maturity Sum Assured equal to Sum Assured plus Vested Compound Reversionary Bonuses, if any, plus Terminal Bonus, if any, shall be paid
  • Even in case of death of the Life Assured, the Maturity Benefit will be payable if all Installment premiums due till date of death of the Life Assured have been received in full.

Let’s understand this benefit with the help of an example:

Amit is 35 years old and has purchased New Assured Plus – Option 2. He has opted for Rs. 7,00,000 Sum Assured for a Policy Term of 20 years and Premium Payment Term of 15 years. He pays Rs. 48,055 premium (excluding taxes) annually for a term of 15 years.

Please Note: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. These assumed rates of return 8% and 4%, are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.

Death Benefit during the Policy Term

Death Benefit in this plan secures your family in case of your unfortunate demise during the Policy Term. You have the option to choose between two Death Benefit Payout options

Option 1 – Lumpsum Death Benefit Payout:

Under this option, Death Benefit payable to your nominee shall be higher of:

• 105% of all the premiums paid (excluding taxes, rider premiums and extra premiums, if any) as on date of death; and
• Death Sum Assured plus vested Compound Reversionary Bonuses, if any plus Terminal Bonus, if any.

The Policy will terminate on payment of Death Benefit under Option 1

Option 2 – Lumpsum Death Benefit with Maturity Payout

Under this option, two payouts will be made to your nominee.

• Lumpsum Death Payout: The first payout which is the Lumpsum Death Payout will be paid at the time of death. Death Benefit payable to your nominee shall be higher of:
  • 105% of all the premiums paid (excluding taxes, rider premiums and extra premiums, if any) as on date of death; and
  • Death Sum Assured
• Maturity payout: The second payout equal to Guaranteed Maturity Sum Assured plus Reversionary Bonus (if any) plus Terminal Bonus (if any) will be paid at the time of Maturity of the Policy i.e. at the end of the Policy Term. The payout at the time of maturity is made, because the policy continues after the death of the insured person. No further premiums are payable under the policy after the death of the Life Assured. The policy continues to participate in profits even after the death of the Life Assured.

Nominee shall not have any right to avail loan, assignment and surrender as available to Policyholder under the Policy.

Note: The premiums above exclude taxes, rider premiums and extra premiums, if any as these are collected separately in addition to the regular premium for this product.

Let’s understand this benefit with the help of the previous example:

It is assumed that the death occurs in the 2nd policy year. The benefit payable to Amit’s nominee(s) will be:

Compounded Reversionary Bonus: At the end of each financial year, the Company may declare a bonus expressed as a percentage of the Sum Assured and all previous bonuses declared. The bonus of each year is added to the Sum Assured and the next year’s bonus is calculated on the enhanced amount.Please Note: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your life insurance company. These assumed rates of return 8% and 4%, are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.

Terminal Bonus: The Company may declare a terminal bonus which may be payable on death or on maturity of the plan.

Large Sum Assured Discount

Target Group
For the customers who are looking for tax saving life insurance plan that offers flexibility of paying for a limited period and staying invested for a longer period to reap higher benefits with potential upside through bonuses.

Suicide exclusion: In case of death due to suicide within 12 months from the date of commencement of risk under the policy or from the date of revival of the policy, as applicable, the nominee or beneficiary of the policyholder shall be entitled to 80% of the total premiums paid till the date of death or the surrender value available as on the date of death whichever is higher, provided the policy is in force.