In the unfortunate event of Death of Life Assured during the Policy Term, if all due premiums are paid up to date and the policy is in-force, the death benefit will be as below
Higher of Prevailing Sum Assured# or Regular Premium Fund Value
plus
Higher of Top up Sum Assured,or Top up Premium Fund Value
- The death benefit shall not be less than the Guaranteed Benefit**
- All the items mentioned above will be as on the date of intimation. The policy will terminate on the date of intimation of death of the life assured. If the rider Waiver of Premium (WOP) has been taken under the policy and the WOP benefit has already been triggered under the policy, then, on termination of policy, the present value of all future premiums, discounted at 4% p.a., shall also be payable.
- Your nominee will have an option to receive the Death Benefit as a lumpsum or as a structured payout for a maximum of five years using the Settlement Option. If settlement option has been opted for at maturity, then, on death during the settlement period, The death benefit is Higher of Guaranteed Benefit** or Regular Premium Fund Value plus Top-up Premium Fund Value; and the policy will terminate.
Note
**Guaranteed Benefit will be 105% of total premium received under the policy including Top Up premium received upto the date of death.
#The sum assured (chosen by the policyholder) shall be reduced to the extent of any partial withdrawals made from the Regular Premium Fund Value during the two (2) year period immediately preceding the death of the life assured. Sum assured used for the determination of death benefit will be the prevailing sum assured after the latest revision of sum assured and/or premium, if any.