Deferred Income
Income Benefit: You shall receive an income which comprises of a Guaranteed2 Income and cash bonuses3, if declared. This income is paid in arrears after the end of the Premium Payment Term and Deferment period and is payable till the end of policy term.
- Guaranteed2 Income = Guaranteed2 income factor of 4% X Benefit Sum Assured
- Cash Bonus3 payable = Declared Cash Bonus3 rate X Benefit Sum Assured
Deferment Period: You will have an option to defer the start of your income by up to 5 years.
- Sum Assured on Maturity, i.e. 105% of Total premiums4 paid plus
- Accumulated Income benefits, if any earlier, plus
- Terminal bonus (if declared)
Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death plus
- 105% of Accumulated Income benefits, if any earlier plus
- Terminal Bonus (if declared)
Early Income
Income Benefit: You are eligible to receive an income in the form of Cash bonuses3 that may be declared by the Company every year. You can opt to take this cash bonus3 monthly/ yearly which gives you an income starting from the end of 1st month/ 1st year after the Deferment period of your Policy. In addition to the cash bonus3, you shall also receive a Guaranteed2 Income. The income benefit is payable for the entire policy term.
- Guaranteed2 Income = Guaranteed2 income factor of 4% X Benefit Sum Assured
- Cash Bonus3 payable = Declared Cash Bonus3 rate X Benefit Sum Assured
Deferment Period: You will have an option to defer the start of your income by up to 5 years.
Maturity Benefit: On maturity of the Policy, you will receive:
- Sum Assured on Maturity, i.e. 105% of Total premiums4 paid plus
- Accumulated Income benefits, if any earlier, plus
- Terminal bonus (if declared)
Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death plus
- 105% of Accumulated Income benefits, if any earlier plus
- Terminal Bonus (if declared)
The Sum Assured on Death will be 11 times of Annualised premium. At no time the Death Benefit will be less than the Guaranteed2 Death Benefit. If there is any shortfall, the same will be added to the Death Benefit. The death benefit will be paid-out as a lump-sum, and the policy will terminate if not opted to take the death benefit in instalments.
2Conditions Apply - The Guaranteed2 benefits are dependent on policy term, premium payment term availed along with other variable factors. For more details please refer to sales brochure.
3Bonuses are not guaranteed2 and it depends on the Company's Performance.
Increasing Income
Income Benefit: You shall receive an income which comprises of a Guaranteed2 Income and cash bonuses3, if declared. This income is paid in arrears after the end of the Premium Payment Term and Deferment period and is payable till the end of policy term. These incomes will be declared as a percentage of the Benefit Sum Assured. Benefit Sum Assured is guaranteed2 to increase at 5% p.a. (on compounding basis) every year. The increased Benefit Sum Assured will be used for calculation of respective year’s Guaranteed2 Incomes and Cash Bonuses3 if declared. Guaranteed2 Income shall be 2% of the Benefit Sum Assured.
Deferment Period: You will have an option to defer the start of your income by up to 5 years.
Maturity Benefit: On maturity of the Policy, you will receive:
- Sum Assured on Maturity, i.e. 105% of Total premiums4 paid plus
- Accumulated Income benefits, if any earlier, plus
- Terminal bonus (if declared)
Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death plus
- 105% of Accumulated Income benefits, if any earlier plus
- Terminal Bonus (if declared)
The Sum Assured on Death will be 11 times of Annualised premium. At no time the Death Benefit will be less than the Guaranteed2 Death Benefit. If there is any shortfall, the same will be added to the Death Benefit. The death benefit will be paid-out as a lump-sum, and the policy will terminate if not opted to take the death benefit in instalments.
Wealth :
Maturity Benefit: On maturity, you will receive a lumpsum amount equal to:
- Maturity Sum Assured, i.e. Maturity Sum Assured Rate x Annualised Premium, plus
- Accrued Simple Reversionary Bonus3 (if declared), plus
- Terminal Bonus (if declared)
Death Benefit: In case of death of the Life Assured during the policy term, the death benefit will be paid as:
- Sum Assured on Death, plus
- Accrued simple reversionary bonus3 (if declared), plus
- Terminal Bonus (if declared)
The Sum Assured on Death will be 11 times of Annualised premium. At no time the Death Benefit will be less than the Guaranteed2 Death Benefit. If there is any shortfall, the same will be added to the Death Benefit. The death benefit will be paid-out as a lump-sum, and the policy will terminate if not opted to take the death benefit in instalments.
Note:
- Guaranteed2 Death Benefit is 105% of the Total Premiums4 paid.
- Sum Assured is 11 times of Annualised Premium.
- Annualised Premium is premium amount payable in a year excluding taxes, rider premiums and underwriting extra premium on riders, if any.
- Please note that GST & cess (if any) will be collected over and above the premium under the policy.
- The Benefit Sum Assured will be used for the calculation of Guaranteed2 Income, Cash Bonus3, Simple Reversionary Bonus3 and Terminal Bonus and will not be paid on any event.
- Sum Assured on Maturity is equal to (i) 105% of the Total Premiums4 paid under Product Options 1. Deferred Income, 2. Early Income, 3. Increasing Income, and (ii) Maturity Sum Assured under Product Option 4. Wealth.
