This is a Single Premium, non-linked, non-participating saving cum protection plan with a fixed term of five years. The plan provides financial protection on death of the policyholder during the policy term or a maturity payout to the policyholder on survival to the end of the policy term.
The policy will acquire a surrender value after completion of one full policy year. The minimum guaranteed surrender value is 95% of the Single Premium paid excluding any taxes and extra premium.
The special surrender values are as follow:
On Surrender, the higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. Special surrender value scale may be changed depending upon the experience of the Company.
Provided the policy has acquired surrender value, the Life Assured may obtain a loan up-to 80% of the surrender value of the policy subject to production of satisfactory title to the policy and satisfactory assignment of the policy to the Company. The rate of interest and other terms and conditions of granting loan will be as determined by the Company at the time of granting the loan. The rate of interest is subject to change from time to time by the company.
A policy shall be foreclosed if the loan and interest outstanding exceeds the surrender value.
All aspects of underwriting will be as per the underwriting policy of the company. Further for the purpose of Medical Examiner’s limit, Moral Hazard Report, claims investigation and settlement, rules as applicable under the underwriting policy of the company will apply.
Insurance levy/ VAT or any other Government taxes levied by the Government Authorities will be in addition to the premium.
