In case of unfortunate demise of the life insured during the policy term, Death Benefit will
be paid to the nominee. Death Benefit is the Sum Assured on death less any previously
paid Terminal Illness Benefit. The policy shall be terminated once the Death Benefit is paid.
The minimum guaranteed sum assured on maturity is nil under this plan.
Absolute amount assured to be paid on death is the sum assured at inception of the
policy and shall include any change in Sum Assured arising from the exercise of the
Enhanced Life Stage Protection option.
In a scenario where Terminal Illness Benefit has already been paid in lumpsum, then the
staggered death benefit will be calculated after deducting the Terminal illness benefit
In case the nominee would like to get a lumpsum instead of the staggered payout post
exercising this option, a discounted value of the outstanding annual income shall be paid as
lump sum subject to a minimum of the Death Benefit payable less annual income already
paid. The discounted value currently shall be calculated using an interest rate of 6.60% per
annum. This interest rate is subject to change in future with prior IRDAI approval.
Refer to product brochure for detailed description regarding this benefit