In the event of death of the life insured during the policy term, monthly income
depending on the chosen plan option will be paid to the nominee over the Income
Benefit Term. The first payout will be made on the acceptance of the death claim
and subsequent monthly payouts will be made on each policy monthiversary throughout
the Income Benefit Term.
The monthly income benefit payable on death is equal to 1.25% of the Sum Assured.
The total monthly income payable on death over the Income Benefit Term will be the
assured benefit to be paid on death under this plan.
The Sum Assured on Death is the highest of:
- 10 times of the annualised premium for all ages; or
- 105% of the total premiums paid up to the date of death; or
- Assured benefit to be paid on death.
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