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 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