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- On maturity - Fund Value
- On death
Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation in writing in an office of Sahara India Life Insurance Co. Ltd.
- If all due premiums are paid i.e. policy is in-force. Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
- If all due premiums are not paid but the period from the date of first unpaid premium to the date of death is less than two years ( revival period):
- If at least 3 years premiums have been paid- Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
- If premium for less than 3 years have been paid- Fund Value
- If all due premiums are not paid and the period elapsed from the date of first unpaid premium to the date of death is more than two years and policyholder had opted for continuation of the risk(If the policyholder had not opted for continuation of the risk, the surrender value, as per rules was payable):
Maximum of sum assured reduced by partial withdrawals pertaining to base fund within two years immediately preceding the death of the life assured or the basic policy fund value plus top-up fund value on the date of receipt of intimation of death in writing in the office of Sahara India Life Insurance Co. Ltd;
Single Premium
| Duration |
Surrender Benefit |
| After three years but less than four years from commencement |
95% of fund value |
| After four years from commencement |
100% of fund value |
Regular Premium
The policy would acquire surrender value if one full year premium is paid. However surrender value would be payable after at least three years from the commencement of the policy.
| If premiums are paid for one year but less than two years |
50% of fund value |
| If premiums are paid for two years but less than three years |
85% of fund value |
| If premiums are paid for three years but less than five years |
95% of fund value |
| If premiums are paid for five years or more |
100% of fund value |
Partial Withdrawal is allowed subject to the following conditions:
- Partial Withdrawal is allowed after three years from the date of commencement subject to the life assured having attained majority i.e. on or after attainment of age of 18 years.
- Maximum partial withdrawal is 50% of fund value including top up fund subject to the condition that minimum balance in the fund after partial withdrawal should be 150% of annualised premium under regular premium policy & Rs 35000 under Single Premium option I policy & Rs. 30000 under Single premium option II policy.
- Minimum partial withdrawal amount is Rs. 2,500.
- Minimum period elapsed between two partial withdrawals should be one year.
- The policy should be in-force for full sum assured.
- For the purpose of charging of risk premium and settlement of death benefit the partial withdrawal would be first adjusted against the top-up fund and the balance amount, if any, towards the base fund. The death benefit /sum at risk would be reduced by partial withdrawals pertaining to base fund.
Benefit Illustration
The benefits under a Regular Premium policy Age 35 years, Term 15 years, Premium Rs. 8,000, Sum Assured Rs. 120,000 are illustrated below :
| Year |
Age |
Annual
Premium |
Sum
Assured |
*Fund Value |
**Death Benefit |
***Surrender Benefit |
| 6% |
10% |
6% |
10% |
6% |
10% |
| 1 |
35 |
8000 |
120000 |
5,822 |
6,050 |
120,000 |
120,000 |
- |
- |
| 2 |
36 |
8000 |
120000 |
13,205 |
13,962 |
120,000 |
120,000 |
- |
- |
| 3 |
37 |
8000 |
120000 |
20,969 |
22,596 |
120,000 |
120,000 |
- |
- |
| 4 |
38 |
8000 |
120000 |
29,554 |
32,458 |
120,000 |
120,000 |
25,121 |
27,589 |
| 5 |
39 |
8000 |
120000 |
38,586 |
43,227 |
120,000 |
120,000 |
38,586 |
43,227 |
| 6 |
40 |
8000 |
120000 |
48,087 |
55,987 |
120,000 |
120,000 |
48,087 |
54,987 |
| 7 |
41 |
8000 |
120000 |
58,086 |
67,836 |
120,000 |
120,000 |
58,086 |
67,836 |
| 8 |
42 |
8000 |
120000 |
68,615 |
81,883 |
120,000 |
120,000 |
68,615 |
81,883 |
| 9 |
43 |
8000 |
120000 |
79,708 |
97,246 |
120,000 |
120,000 |
79,708 |
97,246 |
| 10 |
44 |
8000 |
120000 |
91,397 |
114,055 |
120,000 |
120,000 |
91,397 |
114,055 |
| 11 |
45 |
8000 |
120000 |
103,720 |
132,432 |
120,000 |
132,432 |
103,720 |
132,432 |
| 12 |
46 |
8000 |
120000 |
116,720 |
152,485 |
120,000 |
152,485 |
116,720 |
152,485 |
| 13 |
47 |
8000 |
120000 |
130,414 |
174,367 |
130,414 |
174,367 |
130,414 |
174,367 |
| 14 |
48 |
8000 |
120000 |
144,813 |
198,244 |
144,813 |
198,244 |
144,813 |
198,244 |
| 15 |
49 |
8000 |
120000 |
159,954 |
224,297 |
159,954 |
224,297 |
159,954 |
224,297 |
* The Fund Values given above are only indicative. Actual Fund Value will depend on the market conditions.
** On death, Maximum of Fund value or Sum Assured (which is Rs.120,000 under the above illustrated policy) will be given to the policyholder (i.e. Rs.120,000 is guaranteed irrespective of the fund performance in the market).
*** The Surrender Benefit depends on the actual performance of the fund and is not guaranteed. |
Benefits payable during minority of the Life Assured
- If a claim arises during the minority of the Life Assured the payments are made to the Proposer of the policy and in his absence to the estate of the Proposer.
- On the life assured becoming major i.e. 18 yrs old, the policy automatically vests in him.
Additional benefits - Riders
Rider No.1- Accident Benefit & Accidental Total & Permanent Disability Benefit Rider
Accident Benefit & Accidental Total & Permanent Disability Benefit Rider
The rider is available if the life assured is major i.e. has attained age of 18 years and is up to 55 years nearer birthday on the date of commencement /policy anniversary. Minimum Sum Assured available under the rider is Rs.50,000 and maximum Sum Assured available is the basic policy sum assured or Rs. 20,00,000 including cover under all previous policies of the Company, whichever is lower. The benefit ceases on the policy anniversary on which the age of the life assured is 65 years nearer birthday or the maturity of the base policy whichever is earlier.
.
Rider is not allowed under Single Premium mode.
Premium payable for the rider is Re.0.85 per thousand Sum Assured.
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. If the base policy matures within the period of five years as aforesaid or death occurs meanwhile, outstanding installments will be paid in a lump sum. 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 Permanently 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
- Inability to use both hands at or above the wrist or
- Both feet at or above the ankle or
- One hand at or above the wrist and one foot at or above the ankle or
- Total and irrecoverable loss of the entire eyesight of both eyes.
Exclusions
The Company shall not be liable to pay any benefit under this Rider as stated above if the disability or the death of the life assured is caused either directly or indirectly, voluntarily or involuntarily by:
- attempted suicide or self inflicted injuries, while sane or insane, or whilst the life assured under the influence of any narcotics substances or drug or intoxicating liquor ; or
- engaging in aerial flights (including parachuting and skydiving) other than as a fare paying passenger on a licensed passenger -carrying commercial aircraft (being a multi-engined air craft) operating on a regular scheduled route; or
- the life assured committing any breach of law; or
- engaging in hazardous sports /pastimes e.g. taking part in( or practicing for) boxing caving, climbing , horse racing, jet skiing, martial arts, mountaineering, off piste skiing ,pot holing, power boat racing, underwater diving, yacht racing or any race, trial or timed motor sport; or
- war whether declared or not or civil commotion ; or
- any pre-existing condition
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