This is a Participating Endowment Assurance Plan with built in critical illness cover and regular/ limited premium payment till maturity date. Post maturity date, the policyholder has option to defer the receipt of the maturity proceeds. The death cover ceases at maturity, death or on diagnosis of any of the eleven conditions listed below, whichever occurs first.
The Medical sum assured along with reversionary bonuses, if any, is payable in lump sum to the policyholder on survival to the end of the policy term. The policyholder has an option to take this maturity benefit later in life. In case the policyholder opts for postponing the receipt of maturity benefits, the amount or a portion of it can be availed for any medical reasons by the policyholder or his family members in maximum 5 instalments up to a period of 10 years from maturity. The balance amount at any time shall accumulate at an interest rate which will be declared from time to time by the Company.
In the event of unfortunate death during the premium paying term of the policy, premiums paid till death under the policy will be refunded in full along with an additional lump sum of USD 5,000. For death after maturity date, the un-availed portion of medical sum assured along with bonus & the accrued interest, will be paid to the nominee/beneficiary.
The policy holder has an option to choose Accident Benefit Rider during the term of the policy or up to the age of 70, whichever is earlier. In the event of unfortunate death due to accident when the policy is in force, an additional amount equal to accident benefit sum assured is paid along with the claim.(This Rider is available for a maximum sum assured of USD 100,000 for an individual, inclusive of all the policies, held by him). In case of total and permanent disability arising as a result of an accident, all future premiums to the extent of sum assured equivalent to accident benefit sum assured are waived and an amount equal to accident benefit sum assured will be paid in equal monthly installment spread over of 10 years.
The Medical Sum Assured will be paid on the life insured first being diagnosed with any one of the following conditions:
There will be a 6-month waiting period between the date of commencement or reinstatement of the policy and the date of commencement/ reinstatement of cover. Also, there should be a survival period of 28 days between the date of critical illness diagnosis and the date of eligibility for a critical illness payment. The policy will cease once the critical illness benefit is paid.
Choice of flexible premium payments, either throughout the term of the policy (Full Term Option) or for a limited term of five years is available.
The Assured may obtain a loan from the Company within 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 will be as determined by the Company at the time of granting the loan.
If premium have been paid for a period of three years and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced medical sum assured, payable on the date of maturity or in event of diagnosis of critical illness
The policy can be surrender for payment after premium has been paid for at least 3 years.
