- On maturity - The Sum assured along with all vested bonuses are payable on maturity of the policy. If the policy has run for 15 years or more terminal bonus if any is also payable.
- On unfortunate death - The Sum assured along with all vested bonuses are payable on death of the life assured. If the policy has run for 15 years or more as on date of the death, terminal bonus if any is also payable.
Accident Benefit & Accidental Total & Permanent Disability Benefit Rider – Additional premium payable only Re.1 per 1000 SA (AB & ATPD)
If the life assured meets with an accident before the policy anniversary on which his age nearer birthday is 65 years and policy is in force and death is caused within 180 days of any bodily injury sustained directly and solely from an accident caused by outward, violent and visible mean solely, directly and independently of all other causes of death, an additional amount equal to the rider cover is payable up to a maximum of Rs 20, 00,000/-and if the life assured is totally and permanently disabled, 10% of the rider sum assured is payable every year for five years, followed by the balance 50% of the rider cover at the end of five years. On admission of disability claim the premium for disability benefit shall cease. Once the claim for ATPD is settled and paid, the rider benefit is terminated and the base policy continues.
Total and Permanent Disability referred to hereinabove shall mean and include disability which arises out of accident as aforesaid and is of a nature which renders the life assured totally and permanently unable to earn any income from the date of accident onwards from any work, occupation or profession (independent of qualifications, training and experience) and results into his/her
(a) inability to use both hands at or above the wrist or
(b) both feet at or above the ankle or
(c) one hand at or above the wrist and one foot at or above the ankle or
(d) total and irrecoverable loss of the entire eyesight of both eyes.
