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.
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.
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
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 already paid.
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.