Actual premium would depend on age, premium payment term and on underwriting decision. GST and education cess will be charged extra as per the prevailing rates. Premium can be paid only in annual or semi-annual mode. Minimum age while applying should be 30 years for cover up to age While the DCH will facilitate the submission of the claims document for processing the claim, the claim itself will be paid only if admissible under the terms and conditions of the Policy and is subject to receipt of required documents by the Company.
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This benefit is paid irrespective of the amount paid before death. Other Policy Features Description Annual Reversionary Bonuses This policy participates in the performance of the participating insurance fund and surplus is distributed as bonuses. The actual bonus rate declared by the Company is dependent on the performance of the participating insurance fund.
Non-Guaranteed Bonuses are vested from the end of 1st policy year onwards and are payable at Maturity or on death, whichever is earlier, subject to the policy being in force.
Apart from this, Non-Guaranteed Terminal Bonus is declared at Maturity or death of the Life Insured subject to the policy being in force. Policy Loans This policy gives the flexibility to take a loan from the Company. This is only possible if your policy is in force and has acquired surrender value. The loans given under the policy are as per provisions under the policy.
Grace Period Grace period is the period given to you from your premium due date, to pay the premium without any impact on the benefits in your policy.
Grace Period for all modes is 30 days. Lapse If Policy has not acquired a Surrender Value: In case you do not pay the premiums within your grace period, your policy will lapse and your insurance cover will cease to exist At the end of the reinstatement period if the policy is not reinstated then the policy will be terminated and no benefits will be payable.
If Policy has acquired a Surrender Value: In case you do not pay the premiums within your grace period, your policy will be converted into paid up. At the end of the reinstatement period, if the policy is not reinstated or surrendered then the policy will continue in paid-up status and the paid up value will be payable either on death or on the maturity of the policy.
The Company would require:- A written application from the customer for reinstatement. Satisfactory evidence of insurability. Payment of all overdue premiums with interest as specified by the company from time to time. The paid up value will consist of reduced Sum Assured, which will be paid out either on the death of the life insured or on the maturity of the policy, whichever is earlier.
Surrender Your policy will acquire surrender value, only if one annualised premium is paid It will be higher of Guaranteed Surrender Value or Special Surrender Value, which company declares from time to time.
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