A.Individual Life
- In case of unfortunate death of life assured during the policy term, provided all premiums are paid up to date, the benefit will be Sum Assured on Death##
- The policy cover will terminate immediately on death of the life assured.
B. Joint Life
- The death benefit is payable on death of each life, provided the policy is in-force. The benefit payable will be Sum Assured on Death##
- On death of any one of the life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. The reduced premium will be based on the age, lifestyle category (if applicable), policy term, premium payment term and premium payment frequency of the surviving life assured as at the inception of the policy and the sum assured with respect to the surviving life under the policy.
- The policy cover will terminate immediately on death of the surviving life assured.
##Sum Assured on Death is defined as the higher of (a) 10 times Annualized Premium*, (b) 105% of Total Premiums paid* till date of death, (c) Sum Assured (or prevailing sum assured, if applicable)
*Annualized Premium is the total premium/s payable in a policy year. The annualized premium is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, extra premium, and, and Total Premiums paid shall be the total of all premiums received, exclusive of taxes, and extra premium, if any. Please note that Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, will be collected over and above the premium under the policy.
For policies purchased through POS channel, Waiting Period of sixty (60) days from Date of commencement of risk or revival (whichever is latest) shall be applicable. During this period, the death benefit due to any reason other than accidental death will be 100% of total premiums paid till date, excluding GST/any other applicable tax levied, subject to changes in tax laws and any extra premium