105% of total premiums paid # upto the date of death or.Basic Sum Assured = 11 times of annualized premium^ or.Where sum assured on death is higher of the following The nominee or legal heir shall have an option to receive the discounted value of the future Guaranteed Income, in the form of a lumpsum, anytime during the Payout Period, discounted at 8.25% per annum. On death of the life assured after the commencement of the payout period, Sum assured on death is payable as lumpsum to the nominee or legal heir of the life assured and the nominee or legal heir shall continue to receive the future Guaranteed Income during the payout period.On death of the life assured before the commencement of the payout period, Sum assured on death is payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.Guaranteed Income: The death benefit payable before the commencement of the payout period and during the payout period are different. Life Income: On death of the life assured at any time during the policy term, Sum assured on death is payable as lump sum to the nominee or legal heir of the life assured and the policy terminates.Ģ. The death benefit under the two income options are as follows:ġ. Survival Benefit (For In-force policies):įor both the Income Plan options, Guaranteed income will be paid during the payout period depending on the payout frequency chosen provided the Life assured is surviving. Maturity Benefit (For In-force policies):įor both the Income Plan options, on survival of the life assured till the end of the policy term, 110% of the Total Premiums paid would be refunded at the end of the policy term.
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