During the policy term, Sum Assured on death will be paid to the nominee, which
is higher of:
Sum Assured on death will be higher of:
- 10 times of the Annualized premium; or
- 105% of the Total Premiums Paid as on the date of death; or
- Sum Assured as absolute amount to be paid on death
Where, Total Premiums paid means total of all the premiums received,
excluding any extra premium, any rider premium and taxes.
In case the policy is issued on a minor life, if the death of the Life Insured takes
place before the Life Insured attains age of 18 years or when the first instalment
of Income Benefit becomes payable, then 2% of the annualized premium shall be payable
as a one-time additional benefit.
In the event life insured dies due to an accident during the policy term after attaining
age of 18 years; we shall pay an additional Sum Assured to the nominee as an Accidental
Death Benefit, subject to a maximum limit of Rs. 1 crore.
For more details regarding this benefit, please refer the sales brochure.