For Single Life
In case of the unfortunate demise of the life insured during the policy term, the Sum Assured on Death3 will be
paid to the nominee in 10 equal annual instalments.
On acceptance of the death claim we shall pay immediately the first annual instalments of the Sum Assured on Death along
with the excess amount, if any, of Sum Assured on maturity plus accrued Guaranteed Additions over the Sum Assured.
In case where the death of the Life Insured takes place prior to risk commencement date, only the premiums paid to date
(excluding applicable taxes) shall be payable as the Death Benefit.
3For more details regarding this benefit, refer to the brochure.
For Joint Life
Under this option, two lives i.e. you (primary life insured) and your spouse
(secondaary life insured) are covered under the same policy and also jointly
own the policy. The sum assured applicable for your spouse shall be equal
to 20% of your applicable sum assured. You can opt for this option at the
inception of the policy subject to the attained age of primary life insured
& secondary life insured is less than or equal to 50 years. No rider can be
opted under this option and this option cannot be discontinued except
due to the unfortunate demise of either of the lives who are insured.
Unfortunate death of the primary life insured prior to the secondary life insured:
- Death benefit shall be paid in annual instalments to the spouse (secondary life insured) and the same can be opted as lump
sum payment as explained above
- Secondary life insured will become the sole policyholder and receive the maturity benefit
- Life cover for the secondary life insured will continue without any future premiums to be paid
- On subsequent death of the secondary life insured during the policy term, the applicable death benefit shall be paid to
the nominee as a lump sum. On maturity date the maturity benefit shall be paid to the nominee.
Unfortunate death of the secondary life insured prior to the primary life insured
- Applicable death benefit shall be paid immediately to the primary life insured as a lump sum
- Primary life insured will become the sole policyholder. Policy will continue with all benefits (including the insurance
cover on primary life insured) with premiums to be paid when due. Maturity benefit shall be paid to the primary life insured
on maturity date
- On subsequent death of the primary life insured during the policy term, the applicable death benefit shall be paid to the
nominee in annual instalments and the same can be opted as lump sum payment as explained above. On maturity date, the
maturity benefit shall be paid to the nominee
Unfortunate death of both the primary and secondary life insured together
- Applicable death benefit for the respective lives insured shall be paid to the nominee - annual instalments for the death
benefit of primary life insured and lump sum for the death benefit of secondary life insured respectively
- Policy will continue without any future premiums to be paid and on maturity date the maturity benefit shall be paid to