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GRACE PERIOD
A grace period of one month but not less than 30 days will be available for the payment of yearly, half-yearly and quarterly premiums
REVIVAL
If a premium due is not paid before the end of the grace period, the policy lapses. The policyholder can revive his policy by paying the arrears of premium together with interest within a period of five years from the date of first unpaid premium subject to submission of evidence of good health and the continued insurability of the life assured to the satisfaction of the company. The rate of interest charged by the company will be determined from time to time.
PAID UP VALUE
If the payment of premium is discontinued after a minimum of three years, premiums are paid and three years have elapsed from the date of commencement of policy, the policy will not fully lapse but will acquire a paid up value and the life insurance protection will continue to the extent of the paid up value until the end of the policy term. The paid-up value will be equal to the sum assured multiplied by the amount of premiums paid, divided by the total amount of premium payable. A policy that becomes paid up will not participate in future profits, but any bonuses already vested will be added in full to the paid up value determined as above. The paid up value together with the bonuses already vested shall be paid at the end of the policy term or death of the life assured whichever is earlier.
SURRENDER VALUE
The guaranteed surrender value under the policy will be equal to 30% of the total amount of premium paid excluding the premium for the first year, provided a minimum of three years' premiums are paid and three years have elapsed from the date of commencement of the policy. The policy will not have any surrender value after the policy term.
LOAN
Loan will be available up to 90% of the surrender value of policy. The company will determine the rate of interest to be charged on such loan amount from time to time.
INCOME TAX BENEFITS
The premiums paid under this policy will be eligible for rebate as per sec. 80 C of the Income Tax Act, 1961.
Benefits received from the life insurance policy are exempt from Income Tax under Sec 10 (10 D) of the Income Tax Act, 1961. However, it is advised that the proposer may consult his tax advisor for further details.
Accidental Benefit Rider
In the event of the death of the life assured due to an accident, an additional amount equal to the basic sum assured will be paid along with the basic sum assured and accrued bonuses if any. In the event of the life assured becoming totally and permanently disabled due to an accident, an amount equal to the basic sum assured will be paid immediately after the date of becoming totally and permanently disabled and the basic sum assured with accrued bonus will be paid on the actual date of maturity of the policy or earlier death, and all future premiums payable under the policy from the next premium falling due from the date of the accident up to the date of the end of the premium term or earlier death will be totally waived.
Family Income Benefit Rider
In the event of accidental death or the life assured becomes totally and permanently disabled due to an accident within the policy term, 1% of sum assured is payable every month immediately from the end of the month of accident for a guaranteed period of 10 years or till the end of the policy term whichever is later. No surrender value or paid up value will be available under these riders.
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 Top Providers |
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ICICI Prudential Life |
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SBI Life Insurance |
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Life Insurance Corp. |
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Bajaj Allianz Insurance |
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United India Insurance |
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