Eligibility Criteria :

Benefits Payable on death of the Life Assured before the date of Vesting:

1. Incase of an in-force policy:

An amount equal to higher of the following shall be payable,

⇒ Unit Fund Value as on the date of intimation of death; or
⇒ Assured Death Benefit

Where, Assured Death Benefit is 105% of the Total Premiums received upto the date of death reduced by Partial Withdrawals made during two-year period immediately preceding the death of the Life Assured.

2. In case of Discontinuance under a Regular Premium policy:

The Nominee or Beneficiary shall utilize the proceeds of the Policy as per provision mentioned in Para 3.B.iii. below

3. Utilization of the proceeds of the Policy on death of the Life Assured:

In case of death of the Life Assured before the date of Vesting, the Nominee or Beneficiary shall exercise one of the following options:

⇒ Withdraw the entire proceeds of the policy. A settlement option shall be available subject to conditions as specified in the brochure.
⇒ Utilize the entire proceeds or part thereof for purchasing immediate or deferred annuity at the then prevailing annuity rates from the Corporation. The Nominee or Beneficiary shall also have an option to purchase annuity from other Insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the Authority, currently 50% of the entire proceeds of the policy net of commutation.

The purchase of the annuity shall be subject to terms and conditions of the then available annuity product(s).

Benefit payable on Vesting (i.e. at the end of Policy Term):

On survival of the Life Assured till the date of Vesting:

An amount equal to Unit Fund Value shall vest on the date of vesting and shall be utilized as per annuitisation provision mentioned.

Annuitisation of the proceeds of the Policy on Vesting/on Surrender/ on Discontinuance:

The following Options shall be available to the Life Assured:

♦ To utilize the entire proceeds to purchase immediate or deferred annuity at the then prevailing annuity rates from the Corporation. The Life Assured shall also have an option to purchase annuity from any other Insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the Authority, currently 50% of the entire proceeds of the policy net of commutation.

Or

♦ To commute upto 60% and utilize the balance amount to purchase immediate or deferred annuity at the then prevailing annuity rates from the Corporation. The Life Assured shall also have an option to purchase annuity from any other Insurer at the then prevailing annuity rate to the extent of percentage, stipulated by the Authority, currently 50% of the entire proceeds of the policy net of commutation.

Guaranteed Additions:

Guaranteed Additions shall be payable only under an in-force policy i.e. if all due premiums have been paid. The Guaranteed Additions as a percentage of Annual Premium (in case of Regular Premium policy) or Single Premium, as specified in the table it shall be added to the Unit Fund at the end of 6th, 10th and each policy year from 11th year and onwards till the expiry of policy term provided all due premiums have been paid and the policy is in-force.

Note: Guaranteed Additions shall not be payable if the policy is in reduced paid-up status.

Optional Benefits:

Partial Withdrawals: You may partially withdraw the units at any time after the 5 years’ lock-in period (i.e. a period of 5 years from the date of commencement of policy) subject to the following. It is allowed only against the following stipulated reasons:

-Higher education of children.
-Marriage of children
-For the purchase or construction of residential house.
-For treatment of critical illnesses of self or spouse.
-Any other reason as per the IRDAI Circular/Guidelines/Regulations issued from time to time.

It is allowed only up to 3 times during the entire term of the policy term.

Options to extend date of Vesting: An Option shall also be available to you to extend the accumulation period or deferment period (i.e. policy term) within the same policy with the same terms and conditions as the original policy subject to the following conditions:

At the time of exercising this option, your age shall be less than 60 years.
Extension of accumulation or deferment period shall be upto the maximum Vesting age under the plan.
In any case the sum of original policy term and extended policy term shall not be more than 42 years.
The request for extending accumulation or deferment period is submitted before the original Vesting date.

You can choose to extend the date of Vesting either by payment of further premiums or without payment of further premiums. Once you decide to exercise this Option and intimate the same to the Corporation, the policy shall continue by deducting the applicable charges as in case of an in-force policy. However, the Guaranteed Additions shall be attached as per the following provisions:

♦ Date of Vesting extended under Single premium policies and regular premium policies (with payment of further premiums): In this case the applicable rate of Guaranteed Additions shall remain the same as applicable for in-force policy corresponding to the modified policy term.

♦ Date of Vesting extended without payment of further premiums under regular premium payment policies: In this case the applicable rate of Guaranteed Additions shall be reduced on pro-rata basis.

If the policyholder opts to extend the Date of Vesting, he/she will have to inform his/her intention to the Corporation at least three month prior to the vesting date.

Switching

You have an Option to switch between any of the four funds during the policy term. On switching, the entire amount is switched to the new Fund opted for. During a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch as specified.

Policy Loan, No loan facility shall be available under this plan

Surrender
If the policy is Surrendered during the 5 years’ Lock-in-Period: If a Policyholder applies for surrender of the policy during the 5 years’ Lock-in-Period, then the Unit Fund Value after deducting the applicable Discontinuance Charges shall be transferred to the Pension Discontinued Fund.

If the policy is Surrendered after 5 years’ lock-in-period: If a Policyholder applies for surrender of the policy after 5 years’ Lock-in-period, then the Unit Fund Value as on the date of intimation of surrender shall be payable on surrender to the Life Assured. There will be no Discontinuance Charge under the policy.