In the unfortunate event of the death of the life insured during the
policy term, the death benefit payable to the nominee shall be
- Sum Assured on Death; plus
- Accrued regular bonuses as of date of death; plus
- Terminal Bonus (if any)
Option A - Sum Assured on Death is maximum of Sum Assured or 10 times the Annualized
Option B - Sum Assured on Death is maximum of 150% of Sum Assured or 10 times the
Annualized premium payable.
The death benefit will be subject to minimum of 105% of Total Premiums Paid up to date of
Annualized premium shall be the premium amount payable in a year chosen by the
policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings
for modal premiums, if any.
Total Premiums paid means total of all the premiums received, excluding any extra premium,
any rider premium and taxes.
In case where the death of the Life Insured takes place prior to the risk commencement date, only
the basic premiums paid to date (excluding taxes, if any) shall be payable as the Death Benefit.
In case of death of the life insured, if the life insured is different from the policyholder, the
policyholder will receive the death benefit. The policy shall be terminated once the death
benefit is paid.