IN CASE OF JOINT LIFE VARIANT

• Upon the death of the Primary Insured, provided the Secondary Life is alive, the policy is in-force and all due premiums till the date of death have been paid:
  • Death Benefit shall be payable immediately on death of primary life.
  • Subsequent premiums for the surviving Secondary Life Insured will be waived off and cover for secondary life will continue for the remaining policy term.
• Upon the death of Secondary Life Insured, provided the Primary Life is alive, the policy is in-force and all due premiums till the date of death have been paid:
  • Death Benefit shall be payable immediately on death of secondary life.
  • The policy shall continue with premiums payable by the policyholder for the Primary Life Insured.
• In case of simultaneous death of both lives, provided the policy is in-force and all due premiums till the date of death have been paid, the Death Benefit will be payable immediately on death.
• If the Secondary Life is a non-working spouse, then the Sum Assured shall be 50% of Sum Assured of the Primary Life Insured subject to a maximum Sum Assured of Rs 50 lacs.
• If the Secondary Life is a working spouse, the Sum Assured can vary subject to a maximum of the Sum Assured of the Primary Life. The working status of the spouse would be identified at the time of proposal.

For Single Pay,
Death Benefit is the Sum Assured on Death, which is the highest of:

1. 11 times Single Premium
2. Absolute amount assured to be paid on death equal to the Sum Assured

For Regular and Limited Pay,
Death Benefit is the Sum Assured on Death, which is the highest of:

1. 11 times Annualized Premium*
2. 105% of Total Premiums Paid as on date of death
3. Absolute amount assured to be paid on death equal to the Sum Assured

Annualized Premium shall be the premium payable in a year chosen by the policyholder, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

Total Premiums Paid means total of all the premiums received, excluding any extra premium, any rider premium and taxes.

Under Single Life Cover, In case of the death of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

Under Joint Life Cover, In case of death of either of the Life Insured during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will continue for the surviving life insured.

In case of simultaneous death of both the Life Insureds during the Grace Period, the Death Benefit after deducting the unpaid due premium shall be payable and the Policy will be terminated.

DEATH BENEFIT PAYOUT

At inception of the policy, the policyholder can choose the Death Benefit Payout from one of the three options below:

1. Lumpsum:
   Under this mode, 100% of the Death Benefit will be paid immediately on death as lumpsum.
2. Monthly Income:
   • Under this mode, for all options excluding One Year Policy Term, the Death Benefit will be paid as 1.04% of the Sum Assured every month in the form of Monthly Income, payable for 10 years (120 installments) with the first install ment being payable immediately on death.
   • Under One Year Policy Term, Death Benefit will be paid as 1.0% of the Sum Assured every month in the form of Monthly Income, payable for 10 years (120 installments)
3. Lumpsum plus Monthly Income:
   Under this mode, for all options excluding One Year Policy Term, 50% of the Death Benefit will be paid immediately on death as lumpsum and the remaining 50% of the Death Benefit will be paid as 0.93% of the total Sum Assured every month in the form of Monthly Income, payable for 5 years with the first installment being payable immediately on death.

The nominee shall have an option to take the Monthly Income as a lump sum. This option is only available at the time of death before the payment of the first installment. The lump sum shall be calculated as a Present Value of Monthly Incomes discounted at 5% pa. This rate may be revised subject to prior approval from IRDAI. This option is not available for One Year Policy Terms.

Under OYT, the nominee shall receive the lump sum or the monthly income payout, as chosen at policy inception. The payment of the first installment of the monthly income payout will be immediately on the date of death.

In case the nominee dies during the monthly income payout period, the present value of the outstanding Monthly Incomes shall be paid to as a lump sum to the legal heir of Life Insured’s. The lump sum shall be calculated as the Present Value of outstanding Monthly Incomes discounted at 5% p.a. This rate may be revised subject to prior approval from IRDAI.