A Policy may be revived within a period of 2 years from the date of first unpaid premium.
- Accident Benefit as a rider.
- Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules.
Maturity Benefit -Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any
Death Benefit -
During the policy term – ‘Sum Assured on Death’ along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
After expiry of policy term – Basic Sum Assured
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium.(10 x AP).
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death .
[*excluding taxes, extra premiums and premiums for riders, if any]
Eligibility Conditions and Restrictions
- Age at entry - 18 to 50 years
- Age at Maturity - Maximum 75 Years
- Policy Term - 15 to 35 years
- Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
- Basic Sum Assured - 100000 and above ( In multiples of 5000)
Loan – Available after payment of 3 full years premiums.
The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below.
Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is a default of loan interest.
| Policy Term | Upto 23 | 24 to 27 | 28 to 31 | 32 to 35 |
| % for inforce policies | 90% | 80% | 70% | 60% |
| % for Paid-up policies | 80% | 70% | 60% | 50% |
Guaranteed Surrender Value (GSV) -Available after payment of 3 full years premiums.
GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders,if opted for.
Examples of GSV factors applicable for total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy Term)
GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –
Year of SV – Policy Term – Factor
3 15 17.66%
19 25 20.85%
29 30 30%
Special Surrender Value (SSV) -Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses.
The discount factors shall be Special surrender value factors as provided in Table-1A and 2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy.
Surrender Value payable – The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable.
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